Ziraat Bank, Aspial do new deals; Turkey, Russia see support; Alpek, Votorantim weaken

By Christine Van Dusen

Atlanta, June 26 – Turkey-based Turkiye Cumhuriyeti Ziraat Bankasy AS’ (Ziraat Bank), Singapore’s Aspial Corp. Ltd. sold notes on a slower Thursday for emerging markets assets as investors paid more attention to the World Cup and developments in Iraq.

Still, bonds from Turkey and Russia got some support in the secondary market, a London-based analyst said.

But “Central and emerging Europe, Romania and Latvia are trading a little heavy,” she said.

Abu Dhabi-based Etisalat’s recent dual-currency $4.3 billion-equivalent offering of euro- and dollar-denominated notes received some attention in trading on Thursday.

Looking to Latin America, trading was slow at the open but firm after the previous day’s solid session, a New York-based trader said.

Brazil-based Petroleo Brasileiro SA (Petrobras) saw spreads improve somewhat after taking a beat on the news that the oil and gas company was planning to pay Brazil about $6.8 billion through 2018 to ramp up production in an area that includes the Buzios field.

Vale SA’s bonds, which widened on Wednesday “in sympathy” with Petrobras, did not recover as well as Petrobras on Thursday, the New York-based trader said.

“Chile corporates are starting to become much more active,” he said.

Real-money investors seemed interested in bonds from Corporacion Nacional del Cobre de Chile (Codelco), he said, after a “long lull,” he said.

But weakness continued for Mexico’s Alpek SAB de CV, Votorantim Group and Odebrecht SA.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.