Jingrui Holdings prints bonds; Russia, Argentina dominate headlines; Lat-Am notes widen

By Christine Van Dusen

Atlanta, Aug. 1 – China’s Jingrui Holdings Ltd. printed notes on a Friday that saw poor liquidity and significant selling of Latin American bonds in the wake of Argentina’s default.

Investors also remained focused on Russia after the European Union imposed sanctions in an effort to get the sovereign to cut off support of rebels in Eastern Ukraine.

“Argentina and Russia remain idiosyncratic, volatile markets,” according to a report from Barclays.

Prices and spreads for bonds from such places as Brazil and Chile ran the gamut on Friday, a New York-based trader said.

Brazil’s Petroleo Brasileiro SA (Petrobras) continued to lead the way wider, moving out as much as 20 basis points on the long end, he said. Other Brazilian names followed suit.

Still, some names managed to trade in significant size, he said, with good flows for Corporacion Nacional del Cobre de Chile (Codelco).

Better sellers were reported for Mexico’s Cemex SAB de CV, he said. And Chile-based Masisa SA’s paper took a beating.

The session also saw Poland’s EM&F Financing AB set talk at 8½% to 8¾% for a €240 million issue of six-year notes, a market source said.

And Shanghai Electric Group Corp. made plans to set out on Monday for a roadshow to market a dollar-denominated issue of notes with Goldman Sachs, Deutsche Bank, JPMorgan, Barclays, BNP Paribas, Guotai Junan, Huatai Financial and ICBC International.

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