Eyes on oil, elections; Turkey suffers, Egypt stands out; Atlantida, Tecnoglass prep deals

By Christine Van Dusen

Atlanta, Nov. 4 – Bonds from Turkey widened on negative headlines and Egypt continued to outperform on a Friday that saw the United States release fairly strong hiring and unemployment data for October.

“Net-net, a solid enough number with solid revision,” a London-based trader said.

This was yet another significant moment in what has been an “eventful start of the month across [emerging markets] and global markets,” a London-based analyst said. “The spotlights are certainly on U.S. politics, with the U.S. election now being 4 days away.”

Oil prices also remained in focus, continuing their slide for the third week in a row, he said.

“Doubts on whether OPEC and the key non-OPEC producers will be able to agree on output cuts will likely prevail until month-end, when the bloc meets,” he said.

Meanwhile, negative news from Turkey sent five-year credit default swaps spreads wider by 6 basis points and bonds wider by 10 bps, the analyst said.

In trading, the new, $17.5-billion megadeal from Saudi Arabia remained active on Friday, a trader said.

In deal-related news, Honduras’ Inversiones Atlantida is on a roadshow until Nov. 11 for a dollar-denominated issue of bonds, a market source said.

Colombia’s Tecnoglass Inc. is looking to issue up to $225 million bonds due in five, six or seven years, a market source said. A roadshow will be held until Nov. 9.

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