Ukraine still tense; Chinese corporates improve; MAXpower, Century Properties cancel deals

By Christine Van Dusen

Atlanta, Feb. 9 – Middle Eastern bonds were mixed, Latin American bond activity was quiet, and investors remained nervous about the situation in Ukraine on Monday, following Friday’s meeting between the leaders of France, Germany and Russia.

“We believe the markets will remain nervous till the meeting on Wednesday, as the situation still unclear,” the report said.

In trading from the Middle East on Monday, two-way activity was seen for DP World and some other Dubai names, a London-based trader said.

Supply remained limited for Dubai Islamic Bank PJSC’s perpetuals and for National Bank of Abu Dhabi’s 2020s, he said.

“Some high-yield names are without much support at the moment,” he said. “Flow was very even, all told. Small adding on perpetuals seen and selling on Qatari names.”

Asian bonds put in another firm session on Monday, following Friday’s sell-off in U.S. Treasuries, which gave credits “room for spreads to compress,” a trader said.

Meanwhile, market sources were whispering about a possible issue of international bonds this year from Armenia and a roadshow for a Singapore dollar-denominated issue of notes from Indonesia’s PT Duta Anggada Realty Tbk.

Indonesia-based gas-to-power specialist and plant operator MAXpower Group Pte. Ltd. has postponed plans for a $250 million issue of five-year notes, a market source said.

And Philippines-based real estate company Century Properties Group Inc. has canceled plans for a dollar-denominated issue of five-year notes, a market source said.

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