Primary hosts China Merchants, Azerbaijani bank; market bounces; roadshow announcements abound

By Christine Van Dusen

Atlanta, June 5 – China Merchants Bank Co. Ltd. and International Bank of Azerbaijan were among the issuers to print new notes on a Wednesday that saw a flurry of roadshow announcements amid a market upswing.

“The market is bouncing this morning,” a London-based analyst said. “Solid start, with better buying, especially of sukuks.”

Bonds from Latin America started off on the slower side in the morning, then picked up steam as the session went on, a New York-based trader said.

Colombia’s Ecopetrol SA, for one, saw its 2023s and 2043s move higher into the close to finish at nearly at 113, giving a lift to other credits, he said.

Brazil’s Braskem SA was another standout, he said, as Latin American credits generally showed great resilience amid Treasury moves.

Sovereigns from Latin America rallied on Wednesday, another New York-based trader said.

Bonds from Venezuela, particularly the 2027s, jumped higher during the session. And PDVSA’s 2017s ticked up to 93˝, he said.

In deal-related news, numerous issuers planned roadshows. On that list were China Metallurgical Group Corp., Kenya, Brazil’s Odebrecht SA, Argentina’s Mastellone Hermanos SA, Turkey’s Turk Telekomunikasyon AS, Dubai’s Emaar Malls Group, Nigeria’s Access Bank plc, China’s 21Vianet Group, China’s Zhuhai Huafa Group Co. Ltd. and Jamaica.

© 2015 Prospect News.
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