Turkey prices add-on; oil prices dip, then see small bounce; Kaisa, Lat-Am, Bahrain active

By Christine Van Dusen

Atlanta, Jan. 7 – Turkey sold notes on a Wednesday that saw oil prices slide, then recover somewhat, keeping things tumultuous for emerging markets assets.

“The biggest challenge is not finding an offer, but accepting prices which seem a little too high from the open,” a London-based trader said. “Whether it’s Venezuela, Petroleo Brasileiro SA, Mexico, Russia, Turkey – it’s all one-way.”

From the Middle East, investors showed support for the 2022 and 2023 bonds from Qatar, a trader said. Abu Dhabi paper also got some attention in trading.

“The long end feels less supported – the Bahrain curve is steepening – while perpetuals are more mixed,” he said. “Dubai Islamic Bank and Emirates NBD are a little lower.”

Asian bonds on Wednesday widened between 3 bps points and 8 bps but saw some buyers emerge by midday, a London-based trader said.

Oil companies from China saw their notes move out 5 bps while property companies’ notes moved 3 bps to 5 bps wider, he said.

Corporate bonds from Malaysia were wider by about 5 bps and many finance and corporate issuers from South Korea widened between 3 bps and 5 bps.

The new issue of notes from the Philippines traded up at 102.20 bid, 102.30 offered on Wednesday, a trader said.

China’s Kaisa Group on Wednesday remained on radar screens, following downgrades from Moody’s Investors Service and Standard & Poor’s.

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