Tianjin Binai, NongHyup Bank issue notes; EM roadshows lined up; Kogas active; Vale widens

By Christine Van Dusen

Atlanta, July 15 – China’s Tianjin Binhai New Area Construction & Investment Group Co. Ltd. and South Korea’s NongHyup Bank sold notes on a subdued Wednesday morning – which, on news from Greece, gave way to a more dramatic afternoon – as economic data from China came in better than expected but still couldn’t boost the equities market.

Bonds from China were unchanged to 2 basis points wider at the end of the Asian session on Wednesday, while Korea was unchanged and India was unchanged to 3 bps tighter, a London-based trader said.

“The focus today was mostly on new issues, with deals finally pricing with a decent concession,” he said.

The new issue of notes that Korea Gas Corp. (Kogas) priced on Tuesday traded at 104 bps but “soon lost steam and leaked back to reoffer,” he said.

Meanwhile, Latin American bonds saw some better buyers, a New York-based trader said.

Brazil-based Petroleo Brasileiro SA’s bonds were “locked in a range,” he said, while Vale SA’s spreads widened more than 10 bps on the news of a cut in production.

In deal-related news, Georgia’s Rustavi Azot LLC set out on Wednesday for a roadshow to market a debut issue of dollar-denominated notes.

Malaysia’s KNM Group Bhd. is on a roadshow for a Singapore dollar-denominated issue of notes.

And China’s CCB Financial Leasing Corp. Ltd. is marketing an issue of dollar-denominated notes during a roadshow that began on Wednesday.

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