Qatar Islamic Bank sets roadshow for sukuk; softer session for most EM; Lat-Am CDS widen

By Christine Van Dusen

Atlanta, Oct. 14 – Qatar Islamic Bank SAQ announced plans for a roadshow as bonds from Turkey were unchanged, Pakistan’s notes firmed up and Asian assets put in a quiet Wednesday session.

The Doha-based lender will issue dollar-denominated and benchmark-sized Islamic bonds via Barwa Bank, Citigroup, HSBC, Noor Bank, QInvest and Standard Chartered in a Regulation S deal.

“Markets again looking a touch softer after more weak data from China,” a London-based trader said.

Bonds from Turkey opened almost unchanged on Wednesday, away from the wides seen on Tuesday, he said.

Trading of Asian bonds was quiet during the morning session, opening soft but firming as real-money accounts selectively added corporate issues, a trader said.

Looking to Latin America, at the end of the day Brazil’s five-year credit default swaps spreads closed at 452 bps from 450 bps after trading as tight as 440 bps earlier in the session, another trader said.

Mexico’s credit default swaps moved to 161 bps from 156 bps while cash prices for most Latin American sovereigns tried to adjust to spread and Treasury moves.

High-yield names from the region did manage to eke out gains, with PDVSA’s 2017s closing at 68.60 from 68.50 and Venezuela’s 2027s closing at 42.50 from 41.70, he said.

“Volumes continue to be on the lighter side despite the pickup in volatility, with two-way flows,” he said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.