DP World sells notes; G7 leaders meet; oil prices climb; trading slow; Turkey, advances deal

By Christine Van Dusen

Atlanta, May 26 – Dubai’s DP World sold notes on a somewhat slow Thursday for emerging markets assets, with bonds from Latin America moving a little bit tighter and prices inching higher while G7 leaders met in Japan to discuss the global economy.

Also affecting the picture on Thursday was the news that crude oil prices climbed above $50 per barrel for the first time this year, a London-based strategist said.

Five-year credit default swaps spreads from Brazil finished the day at 350 basis points from 351 bps, while Mexico’s moved to 350 bps from 351 bps.

“Slow day for global markets,” a New York-based trader said.

Argentina’s Bonar 2024s closed at 110.375 from 110.125 and its 2026s ended the session at 104.60 from 104.125.

Venezuela’s 2027s finished at 41.50 from 43.25, and PDVSA’s 2017s closed at 65.75 from 68.

“Flows were very light today, with slightly better buyers,” he said. “Volumes tomorrow should be very quiet going into the long weekend.”

Investors were also digesting the $9 billion triple-tranche deal from Qatar, the strategist said.

In other news, Turkey announced plans to set out on May 30 for a roadshow to market a possible issue of Islamic bonds, a market source said.

Poland’s PKN Orlen will set out on May 30 for a roadshow to market a euro-denominated issue of notes, a market source said.

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