Beijing Infrastructure issues notes; roadshows underway and ahead; Indian bonds outperform

By Christine Van Dusen

Atlanta, July 20 – China’s Beijing Infrastructure Investment (Hong Kong) Ltd. sold notes on a quiet but firm Monday of trading for Asian credits, given the holiday in Tokyo, as U.S. Treasury yields rose and commodity prices dipped.

“The overall tone feels firm, with investment-grade cash closed unchanged to 2 basis points tighter,” a trader said.

Some names saw “selective demand,” he said, with Cnooc Ltd.’s 2023s and 2024s trading up and moving about 1 bp to 2 bps tighter.

“Financials closed 2 bps to 5 bps tighter,” he said. “Korea is unchanged.”

Bonds from India outperformed, he said.

“Closed 5 bps tighter as 10-year corporates traded tighter,” he said.

“Sovereigns were firm, but we’re seeing better sellers in Indonesia’s front and back end today, with buyers in the belly,” another trader said.

Latin American bonds put in a quiet day, with Brazil making the most moves, a New York-based trader said.

Five-year credit default swaps spreads for Brazil closed at 275 bps from 266 bps while Mexico’s finished the session at 129 bps from 127 bps.

Bonds from Venezuela moved higher and Argentina moved lower, he said.

“Very light flows for the day, with better sellers of low-beta and high-yield seen later in the session,” he said.

In deal-related news, China’s Bank of Communications and Russia’s AK Bars Bank OJSC were on roadshows and Brazil’s Cosan Overseas Ltd. scheduled a marketing trip.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.