Primary hosts UPL, ITC, OFCB; investors watch ECB, deals from Bahrain, Pakistan, MTN Group

By Christine Van Dusen

Atlanta, Oct. 6 – India’s UPL Ltd., China’s ITC Properties Group Ltd. and Russia’s OFCB Capital plc sold notes on Thursday as investors kept an eye on the European Central Bank, upcoming U.S. data and the new issues from Bahrain, Pakistan and South Africa’s MTN Group Ltd.

“We are seeing a firm start into the morning after speculation about a potential ECB tapering has receded,” a London-based analyst said.

The sovereign priced a $2 billion issue of notes due in 2024 and 2028, a market source said.

The new notes from Pakistan – $1 billion of 5˝% Islamic bonds due 2021 that priced at par – traded on Thursday at 100.30 bid, 100.45 offered.

In other trading on Thursday, Turkey tightened by 2 basis points to 3 bps “as locals soak up bonds,” a trader said.

In other deal-related news, Argentina’s Banco Hipotecario SA is planning an issue of peso-denominated amortizing notes with an average life of three years (expected ratings: B3/B-/), a market source said.

Chile’s Latam Airlines Group SA will set out on Oct. 12 for a roadshow to market a dollar-denominated issue of notes, a market source said.

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