Ukraine news puts markets on pause; PDVSA takes a hit; Asian corporates set marketing trips

By Christine Van Dusen

Atlanta, Aug. 15 – Several Asian issuers set roadshows on Friday as the market’s recent risk-on attitude was squashed by news out of Ukraine and by soft economic data from the European Union.

Spreads for Latin American names started the day a bit tighter on lighter flows but quickly widened to the previous day’s levels as a result of the geopolitical landscape, a New York-based trader said.

Venezuela and Petroleos de Venezuela SA (PDVSA) took a hit, with PDVSA’s 2026s trading at 61.05 after hitting a high of 61.40 and following Thursday’s close of 60.10.

Corporate bonds from Latin America were higher and tighter during the morning too, then shut down on the Ukraine-related news, though they remained firm into the close, another New York-based trader said.

Bonds weren’t chased higher but they were better bid, he said.

In other news, China Oceanwide Holdings Group Co. Ltd. (COHG) will set out on Aug. 21 for a roadshow to market a possible issue of notes.

China Metallurgical Group Corp. will set out on Aug. 18 for a roadshow to market a dollar-denominated issue of Regulation S notes (expected rating: A1).

Singapore’s Pacific Radiance Ltd. will commence a roadshow on Aug. 18 for a Singapore dollar-denominated issue of notes with two banks.

And Korea Western Power Co. Ltd. is looking to issue dollar-denominated notes.

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