Primary sees deals from Times Property, DBS Bank, Klabin; Cofide, Colbun, Odebrecht trade

By Christine Van Dusen

Atlanta, July 9 – China’s Times Property Holdings Ltd., Singapore’s DBS Bank Ltd. and Brazil’s Klabin SA priced notes on Wednesday as most emerging markets bonds saw wider spreads and steady but light volumes.

This came against the backdrop of continuing tension in Ukraine, where the defense minister reportedly said there would be no more unilateral ceasefires and no further negotiations until the rebels put down their weapons.

“Fighting continues unabated,” a London-based analyst said.

Looking to Latin America, the new two-tranche issue of notes due in 2019 and 2029 from Peru’s Corporacion Financiera de Desarrollo SA (Cofide) received attention in the secondary market, a New York-based trader said.

The deal included $300 million 3¼% notes due 2019 that priced at 99.785 to yield Treasuries plus 160 basis points and $300 million 5¼% notes due in 2029 that priced at 99.866 to yield Treasuries plus 170 bps.

The recent notes from Chile’s Colbun SA – 4½% notes due 2024 that priced at 98.615 to yield 4 5/8% or Treasuries plus 205 bps – closed Wednesday at 99¾ to par, he said.

And Brazil-based Odebrecht SA’s 2029 bonds remained weak, with mostly selling. The notes closed at 98¾ to 99, he said.

In deal-related news, China’s Huarong Finance Co. Ltd. and China’s Emperor International Holdings Ltd. set talk for new notes.

© 2015 Prospect News.
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