Deal from Guangxi Communications; eyes on oil, data, election; Kuveyt Turk sees ‘decent’ flow

By Christine Van Dusen

Atlanta, Oct. 31 – China’s Guangxi Communications Investment Group Corp. Ltd. sold notes on a Monday that saw emerging markets investors watching oil prices and awaiting economic data releases from the United States as election day nears.

Overall, trading was quiet ahead of Tuesday’s All Saints Day holiday.

Of the activity that did take place, the $17.5 billion megadeal from Saudi Arabia accounted for most of it, a trader said.

Turkey, meanwhile, was better-offered “as cash was raised to settle the new bank supply,” a trader said. “The 2018 sukuk was looking cheap.”

Among corporate bonds from Turkey, only Kuveyt Turk Katilim Bankasi AS was seeing much action. The Istanbul-based financial company last week priced $500 million 5.136% notes due 2021 at par to yield 5.136%, or mid-swaps plus 385 bps.

Azerbaijan was “back on the radar with weakening oil,” he said.

In other trading, bonds from South Africa were firm, another trader said.

In its new deal, China’s Guangxi Communications Investment Group sold $300 million fixed-rate notes at 99.806, according to a notice that appeared on Monday.

Last week, Colombia’s Banco de Bogota SA priced a $500 million tap of its 6¼% notes due May 12, 2026 at a yield of 5.95%, according to a company announcement.

© 2015 Prospect News.
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