Rustavi Azot on deck; roadshows for Chinese names; Ukraine rises; Asian bonds, Lat-Am widen

By Christine Van Dusen

Atlanta, July 27 – Georgia’s Rustavi Azot LLC prepped a new deal on a mostly risk-off Monday, even after Ukraine made an interest payment on its bonds, progressed in talks with investors and received more support from the International Monetary Fund.

Ukraine’s bond prices rose on the news, following Friday’s “strong trading session,” said Fyodor Bagnenko, a fixed-income trader with Dragon Capital. “This was interpreted rather positively, and cautious demand across the curve pushed prices ½ point higher.”

Also impacting emerging markets assets were commodity prices continuing to weaken and investors searching for safe havens.

Against this backdrop, Asian bonds opened lower with “orderly selling, which soon turned into a panic for the exits,” a London-based trader said.

Overall, trading of Asian bonds was “pretty sloppy” on Monday, another trader said.

Looking to Latin America, low-beta spreads widened on the day – amid heavier volumes and better sellers – but managed to close away from the widest levels of the session, a New York-based trader said.

In deal-related news, China’s eHi Car Services Ltd. will set out on Tuesday for a roadshow to market dollar-denominated notes, a market source said.

Tingyi (Cayman Islands) Holding Corp. said it plans to conduct an international offering of senior notes. The company began a series of investor meetings on Friday.

Indonesia’s PT Sri Rejeki Isman Tbk. (Sritex) is looking to price $420 million of bonds during the fourth quarter of the year, a market source said.

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