Dubai Islamic Bank, Woori print notes; EM bonds resilient; Belarus, Croatia deals ahead

By Christine Van Dusen

Atlanta, Jan. 14 – Dubai Islamic Bank PJSC and South Korea’s Woori Bank sold notes and emerging markets assets were largely resilient on Wednesday as U.S. Treasuries rallied, providing a solid backdrop for investment-grade issuers.

From the Middle East, Abu Dhabi Commercial Bank PJSC’s 2023s traded higher, just a touch above par, “which hasn’t happened in a month,” a trader said.

Bahrain’s 2044s moved higher too, printing at 92 bid, 92¼ offered before closing at 92½ bid, 93 offered.

Bonds from Asia finished the session unchanged but felt slightly firmer, a London-based trader said.

“The China oil complex closed 1 basis point to 3 bps wider, with Cnooc’s 2023s down at 178,” he said. “India’s corporates are finding some ground and closed roughly unchanged on the day.”

Property companies from China closed ¼ point to ¾ point lower, he said, while the curves for Indonesia and Philippines finished ¼-point higher.

Bonds from Central and emerging Europe put in a strong session on Wednesday, another trader said, even though spreads didn’t keep up with the move in rates.

In other deal-related news, Belarus is looking at printing a $1 billion issue of notes due in 10 years, a market source said.

And Croatia set the size at about €1 billion for its upcoming issue of notes, a market source said.

The sovereign started seeking out bookrunners in December.

© 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.