Giti Tire, Cabei issue new notes; SECO, Dubai trade up; some Russian bonds tick higher

By Christine Van Dusen

Atlanta, Nov. 10 – China’s Giti Tire Pte. Ltd. and Honduras’ Central American Bank for Economic Integration (Cabei) sold notes on a Monday that was fairly active in the morning and quieted down in the afternoon, with spreads tightening slightly.

Long-dated bonds from names like Saudi Electricity Co. and Dubai traded up on Monday, a London-based trader said.

The recent issue of notes from Dubai’s DIFC Investments LLC – $700 million 4 3/8% notes due 2024 that priced at par – regained some of its footing but still traded wider than launch, he said.

Bonds from Kuwait Projects Co. were “solid,” he said.

From Russia, the sovereign’s 3½% notes due 2019 that priced at 99.195 traded Monday morning at 97¼ bid, 97¾ offered after last week’s 97 bid, 97½ offered, a trader said.

The 4 7/8% notes due in 2023 that priced at 98.162 were quoted on Monday at 98.38 bid, 99.02 offered after last week’s 97.85 bid, 98.35 offered.

Russia’s 5 7/8% notes due in 2043 that priced at 97.187 were seen Monday morning at 100¾ bid, 101¼ offered after last week’s 100½ bid, 101½ offered.

And the sovereign’s 3 5/8% euro-denominated notes due 2020 that priced at 99.533 moved to 100.88 bid, 101.88 offered after last week’s 100¾ bid, 101¾ offered, he said.

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