Slovenia sells notes; BBK notes widen; Pacific Rubiales in the news; FOMC on market’s mind

By Christine Van Dusen

Atlanta, March 18 – Slovenia priced notes and many emerging markets bonds widened on Wednesday as investors awaited the results of the meeting of the Federal Open Market Committee.

“The market was a mixed bag again ahead of the FOMC tonight,” a London-based trader said. “Some names have widened a lot in the past week and fortnight. A combination of booking profits and expectations of further supply? Well, perhaps.”

He noted that the long end of many Middle Eastern curves has been widening lately, with Saudi Electricity Co.’s bonds back out to their wides.

“Perpetuals are holding,” he said. “Saw some interest in Abu Dhabi Islamic Bank.”

The new issue from Bahrain’s BBK BSC – $400 million 3½% notes due 2020 that priced on Tuesday at 99.09 to yield mid-swaps plus 200 basis points – closed almost 12 bps wider on the bid side, he said.

Asian bonds were quiet during the morning session, ahead of the Federal Reserve’s comments, and started off with better sellers before balancing out at the end of the day, another London-based trader said.

“High-grade cash closed unchanged to 3 bps wider,” he said. “Recent issues were well held.”

In other news, Brazil-based Pacific Rubiales Energy Corp. released disappointing earnings and China’s Hainan Airlines Co. Ltd. set a roadshow while Jordan’s Hikma Pharmaceuticals plc planned a dollar deal.

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