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Primary hosts deals from Emirates NBD, African Development Bank; Pacific Rubiales suffers
By Christine Van Dusen
Atlanta, March 16 – Emirates NBD and sold notes on Monday while terms emerged on an offering from African Development Bank as Latin American bonds were mixed in trading, with Brazil-based Pacific Rubiales Energy Corp.’s bonds plummeting after a contract change.
Ecopetrol SA is looking for other operators of the Rubiales Field and not continuing its contract with energy company Pacific Rubiales when the contract expires next year, a New York-based trader said. That sent Pacific Rubiales’ bonds plummeting about 9 points on Monday – after Friday’s oil prices-related tumble of about 6 points.
Elsewhere in Latin America, Brazil’s bonds were strong at the start of the session but petered out and widened later in the day, he said. Argentina’s bonds, however, ticked up, as investors remained nervous about liquidity and rates.
Brazil-based Petroleo Brasileiro SA continued to falter, with its curve gapping on Monday to all-time wides, he said.
In trading from Asia, bonds were a bit “defensive” on Monday as investors kept an eye on the Federal Open Market Committee, a London-based analyst said.
“Lower oil prices once again raised concerns, with oil-related corps and Malaysia under pressure,” he said. “High-grade cash closed the day 2 basis points to 5 bps wider.”
Bonds from Korea were firm, particular on the short end of the curve, he said.
In deal-related news, Bahrain’s BBK BSC and Singapore’s Centurion Corp. Ltd. set talk while India’s IL&FS Transportation Networks Ltd., Singapore’s BOC Aviation Pte. Ltd. and Colombia Telecomunicaciones SA ESP (ColTel) announced roadshows.
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