Primary hosts Hutchison Whampoa, Slovenia; Damac hits fresh low

By Christine Van Dusen

Atlanta, Oct. 28 – China’s Hutchison Whampoa Ltd. and Slovenia sold notes on a Tuesday that saw investors keep an eye on Russia and Ukraine as the European Union met to discuss the conflict.

“We see very little prospect of sanction relief this month,” a London-based analyst said. “A mixed, muted opening here in [EM], although Turkish cash is outperforming.”

Bonds from the Middle East saw an increase in activity, a London-based trader said.

“But then again, that wasn’t really hard, given the volumes that went through on Monday,” he said.

Dubai-based Damac Real Estate Development Ltd.’s 2019s gyrated the most, trading up at 95 and then down to 94.25, he said.

“The low 94s sets a fresh low on this one,” he said.

This came against the backdrop of news that Dubai’s DIFC Investments LLC will set out on Thursday for a roadshow to market a dollar-denominated issue of Islamic bonds.

Dubai Islamic Bank, Emirates NBD Capital, Noor Bank and Standard Chartered are the bookrunners for the Regulation S sukuk.

The roadshow will begin in Singapore and travel to Hong Kong, Abu Dhabi and Dubai before concluding on Nov. 3 in London.

“We definitely saw some better offers appear in the market on some Dubai names,” the trader said. “However, Damac seemed to – perhaps unfairly – suffer.”

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