JD.com sells notes; EM continues rally but shows ‘signs of fading’; Abu Dhabi on deck

By Christine Van Dusen

Atlanta, April 22 – China’s JD.com sold new notes as oil prices held their gains and emerging markets assets continued to rally on a mostly calm Friday, with investors seemingly unaffected by the dovish stance reaffirmed by the European Central Bank.

“[Emerging market] credit traded fairly unimpressed by the ECB meeting, although the rally has seen some signs of fading recently,” a trader said.

Bonds from Kazakhstan were slightly softer on Friday, with the long end and middle of the curve a little bit lower, another trader said.

Looking to Turkey, bonds softened into Friday, another trader said.

In deal-related news, Malaysia’s Malayan Banking Bhd. (Maybank) set talk at Treasuries plus 280 bps for a dollar-denominated issue of notes due in 10˝ years, a market source said.

Abu Dhabi set the tenors for its upcoming issue of dollar-denominated notes at five, 10 and 30 years, a market source said.

BofA Merrill Lynch, Citigroup and JPMorgan are the bookrunners for the Rule 144A and Regulation S deal.

A roadshow that started in Abu Dhabi and traveled to London and New York City concluded Friday on the West Coast.

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