Croatia, Axis Bank sell notes; Russia sanctions extended; Asia weakens; roadshows ahead

By Christine Van Dusen

Atlanta, March 4 – Croatia and India’s Axis Bank Ltd. sold notes on Wednesday as the United States extended sanctions against Russia for another year.

“However, these sanctions primarily concern asset freezes of individuals, so are unlikely to affect markets here,” a London-based analyst said.

Still, Russian bonds managed to tighten slightly on Wednesday, perhaps because this news was already priced in, a trader said.

From Asia, bonds were weaker at the start of Wednesday’s session, but after the open in London they were able to recover somewhat and finish the day unchanged, a London-based trader said.

“Flows were light and mixed today, with some real-money sellers,” he said, noting that sellers focused on bonds from China’s oil complex. “In Korea, 10-year quasi-sovereigns were under pressure, with spreads 1 basis point to 3 bps wider.”

Among high-yield Asian names, property companies from China closed mixed, up or down ¼ point, he said.

In deal-related news, India’s Lodha Developers Private Ltd. is on a roadshow for a dollar-denominated issue of notes.

Sharjah Islamic Bank PJSC will depart on Thursday for a roadshow to market a dollar-denominated issue of benchmark-sized Islamic bonds.

Dubai’s Emirates NBD will set out on March 9 for a roadshow to market a benchmark-sized issue of notes.

China’s Beijing Infrastructure Investment (Hong Kong) Ltd. will host investor calls, starting March 9, for a euro-denominated issue of notes.

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