Dubai’s DIFC issues bonds; Croatia yields climb; Serbia prices ‘stable’; roadshows ahead

By Christine Van Dusen

Atlanta, Nov. 4 – Dubai’s DIFC Investments LLC sold notes on Tuesday as Croatia’s bonds received some attention and the new notes from China Oil and Gas Group Ltd. ticked up in trading.

Croatia was on the market’s mind as investors wondered when the sovereign would issue new notes.

“Rumors of an impending new issue drove yields on domestic bonds substantially higher,” according to a report from Erste Group Research.

Market-watchers were also keeping an eye on Serbia, which could issue notes soon and released economic data showing that the economy contracted for a second consecutive quarter.

“Despite negative economic data coming out of Serbia, bond prices remained pretty stable,” the report said.

The sovereign’s existing 2021s were unchanged in trading.

In other trading, China Oil and Gas’ new issue of $300 million 5% notes due 2020 that priced at par traded early Tuesday at 100.10 bid, 100.40 offered, a trader said.

The final book for the Regulation S deal with Deutsche Bank, JPMorgan and Morgan Stanley was $3.4 billion from 246 accounts.

In deal-related news, guidance was given for deals from SixSigma Networks Mexico SA de CV (KIO) and Poland’s Kompania Weglowa SA. And roadshows were set for China’s Cofco Land Holdings Ltd., Kazakhstan’s KazStroyService Global BV and Banco Santander Chile.

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