Midday Commentary: Beijing Infrastructure gains in secondary market; EM spreads wider overall

By Aleesia Forni

Virginia Beach, March 14 - Bond spreads were generally wider in the emerging markets space on Friday following weaker-than-expected industrial production data out of China and continued tensions regarding the situation in Ukraine.

Despite the overall market's tone, the secondary market saw the recent sale from Beijing Infrastructure Investment Co. Ltd. firm in aftermarket trading.

The company's 3 5/8% five-year notes, which priced on Thursday, were trading 4 basis points tighter at mid-morning.

A trader quoted the notes at 206 bps bid, 204 bps offered early during the session.

The notes were issued by the company's subsidiary, Eastern Creating Investment Holdings Ltd., which priced the $300 million issue (expected ratings: A2/A-/A+) at 210 bps over Treasuries.

RBS, Wing Lung Bank, ICBC (Asia) and ICBC International were the joint lead managers and joint bookrunners for the Regulation S deal.

No new issues are expected to hit the primary market on Friday.

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