Primary sees deals from Sharjah, Shimao Property; Russia, Turkey CDS flat; roadshows ahead

By Christine Van Dusen

Atlanta, March 10 – Sharjah Islamic Bank PJSC and China’s Shimao Property Holdings Ltd. printed notes on Tuesday as bonds from Russia moved slightly wider on the move in rates, following the previous day’s profit taking and widening as fighting surged overnight in Donetsk.

“Tensions between the West and Russia remain raised as well, with the United States planning to send 3,000 troops to train in the Baltic States,” a London-based analyst said.

In other news related to Russia, Fitch Ratings is expected to review its BBB- and negative outlook for the sovereign.

“Credit default swaps are unchanged here this morning,” he said.

Turkey’s credit default swaps spreads were also unchanged on Tuesday morning after some small tightening on Monday, driven by a strengthening of the lira, he said.

“Helped by better comments from the government,” he said. “Cuts in FX deposit rates also helped.”

Bonds from Central and emerging Europe opened flat after a mixed session on Monday that saw Hungary widen 10 basis points on rate concerns, he said.

Asian credits began Tuesday’s session unchanged but suffered as the strong dollar raised concerns about outflows from the region and as real-money sellers pushed bonds lower, a London-based trader said.

In deal-related news, Sappi Southern Africa (Pty.) Ltd., Bahrain’s BBK BSC and South Korea’s Shinhan Bank set roadshows.

Paul A. Harris contributed to this article.

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