Beijing Infrastructure, Alfa Bank, Korea Development bring deals; oil prices hit Lat-Am

By Christine Van Dusen

Atlanta, Nov. 13 – China’s Beijing Infrastructure Investment (Hong Kong) Ltd., Russia’s OJSC Alfa Bank and Korea Development Bank printed notes on a busy trading day for Middle Eastern bonds as oil prices declined.

Oil prices declined to less than $75 a barrel for the first time since 2010, which didn’t help names like Colombia’s Ecopetrol SA, a New York-based trader said.

Still, the company’s bonds didn’t appear to be too vulnerable on Thursday, he said.

Other Latin American bonds on Thursday didn’t see the kind of serious selling that took place during Wednesday’s session, the trader said. Flows from retail investors were “nicely mixed,” he said.

Bonds from Brazil-based Petroleo Brasileiro widened again, this time about 3 basis points, he said, while Brazil-based Vale SA’s notes moved wider in sympathy.

Banks from Colombia pulled back slowly as Bancolombia SA released disappointing third-quarter data.

High-grade names from Brazil, meanwhile, were weaker and saw very little volume.

The recent issue of notes from Peru-based cement and concrete company Union Andina de Cementos SAA (Unacem) – $625 million 5 7/8% notes due 2021 that priced at par – traded Thursday between 102.10 and 102.35.

On Wednesday the notes were quoted at 102¼.

Mexico’s Cemex SAB de CV moved slightly lower, with the 2022s seen at 114½.

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