E-CL sells notes; Turkey, LatAm corporates tighten; Dar al-Arkan underperforms; TSKB up

By Christine Van Dusen

Atlanta, Oct. 24 – Chile’s E-CL SA sold notes on a Friday that saw some tightening for bonds from Brazil’s Petroleo Brasileiro SA and Turkish corporates.

“A more positive tone this week, especially when compared to the volatility of last week,” a London-based analyst said.

But, he said, “Russia remains under pressure ahead of the weekend, which will see some major headlines out of Russia and Ukraine.”

From Latin America, Petrobras’ 2019s, 2021s, 2024s and 2044s gapped tighter throughout Friday’s session, a New York-based trader said, and closed as much as 12 basis points tighter.

Corporate bonds from Chile stayed firm, even with the surge of supply from Chile’s SACI Falabella and Chile’s Sociedad Quimica y Minera de Chile SA (SQM).

Overall, volumes for Latin American bonds were lighter than during previous days this week.

Bonds from the Middle East were mostly quiet on Friday, with Bahrain and Dubai standing out and banks tightening an average of about 5 bps during the week, the analyst said.

One of the biggest underperformers from the region was Dar al-Arkan Holding, which saw its 2018s widen by 22 bps by the end of the week.

Meanwhile he new issue of notes from Turkey’s Turkiye Sinai Kalkinma Bankasi AS (TSKB) – $350 million 5 3/8% notes due 2019 that priced at 99.926 – rallied on Friday, a trader said.

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