Argentina sells off after early move higher; Turkey ‘solid’; Cemig prices $1 billion deal

By Rebecca Melvin

New York, Nov. 30 – Argentina’s sovereign curve performed well in the early going on Thursday before selling off in tandem with other Latin America region sovereigns when U.S. Treasuries started moving lower, sending yields higher, a New York-based market source said.

Argentina government bonds traded higher on the heels of an upgrade by Moody’s Investors Service to B2 from B3 for the local and foreign currency issuer and senior unsecured paper on Wednesday.

Venezuela and Petroleos de Venezuela SA were off slightly as trade continues with accrued interest but with volumes tailing off significantly, a market source said.

The PDVSA 2030 notes were trading 79 bid, 80 offered on Thursday, and the Venezuela 2022 notes were 24 bid, 25 offered.

Elsewhere, Turkey’s bonds and credit opened with a solid tone and traded well on Thursday after a volatile session on Wednesday as testimony in the closely watched Iran sanctions evasion court case brought no fresh revelations of corruption or scandal, market sources said.

“The curvy is steady and bonds and credit are strong, everything is solid,” a market source said of Turkey.

Meanwhile, Brazil’s Cemig Geracao e Transmissao SA priced $1 billion of 9¼% seven-year notes on Thursday to yield 9½%.

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