Korea Gas, Shanghai Construction, Ping An sell notes; Zambia sets roadshow; Lat-Am quiet

By Christine Van Dusen

Atlanta, July 14 – Korea Gas Corp., Shanghai Construction Group Co. Ltd. and China’s Ping An Real Estate Co. Ltd. were among the corporates to print notes on a busy day for Asian issuance but a quiet one for debt from many other emerging markets.

Also selling notes during the session were Kazakhstan and South Africa’s Naspers Ltd.

“The early batch of deals, with all that new-issue concession, is failing to cause as much activity as one would hope,” a trader said.

Bonds from Asia were range-bound on Tuesday, consolidating after the recent rally, and lacked much momentum, a London-based trader said.

Looking to Latin America-focused Pacific Rubiales Energy Corp., prices moved lower amid a steady but small stream of retail supply, a New York-based trader said.

But overall flows were light, he said.

In other trading from Latin America, corporates didn’t see much strong direction, another New York trader said.

Among Latin American sovereigns, trading was quiet on Tuesday, another trader said, with low-beta spreads closing near unchanged.

Five-year credit default swaps spreads for Brazil closed at 252.5 bps from Monday’s 252 bps while Mexico’s were unchanged at 125 bps.

In other news, Zambia will depart on Thursday for a roadshow to market a dollar-denominated issue of notes, a market source said.

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