Primary hosts Ecopetrol, Arcelik; Ukraine, Russia in focus; Middle East issuers set talk

By Christine Van Dusen

Atlanta, Sept. 9 – Colombia’s Ecopetrol SA and Turkey’s Arcelik AS sold notes on Tuesday as the European Union considered further sanctions against Russia and investors watched Ukraine to see if a ceasefire would hold.

From Ukraine, corporates have seen little action so far this week, said Svitlana Rusakova of Dragon Capital.

“Buyers remained very reluctant to step in,” she said.

Looking to the Middle East, trading was busy and spreads tightened, a London-based trader said.

And from Latin America, many corporate names suffered, including Brazilian corporates, which took a hit after Moody’s Investors Service revised ratings for Brazil.

Mexico’s Cemex SAB de CV saw its recent new issue of notes trade below 98¾ with three weeks left in the tender offer, a New York-based trader said.

Bahrain set initial talk in the low-6% area for its upcoming issue of dollar-denominated issue of 30-year notes, a market source said.

The Emirate of Sharjah set talk in the mid-swaps plus 120 bps area for its upcoming issue of benchmark-sized and dollar-denominated notes due in 10 years (A3/A/), a market source said.

And Dubai’s Emirates NBD set talk in the mid-6% area for its upcoming issue of dollar-denominated and benchmark-sized perpetual notes, a market source said.

These three deals are expected to price on Wednesday.

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