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Pacific Rubiales bonds remain strong; Middle East sees buyers; roadshow for China Minsheng
By Christine Van Dusen
Atlanta, May 8 – Toronto-based and Colombia-focused Pacific Rubiales Energy Corp. was on radar screens again while Latin American notes widened by the afternoon and the tone for Asian bonds improved.
The move in Treasury rates to 2.15% also led to increased buying of some Middle Eastern bonds, specifically the 2043s and 2044s from Saudi Electricity Co., the 2043s from Dubai, the 2037s from DPWorld and the 2044s from Bahrain, a trader said.
“We’ve seen 98 prints on Bahrain’s 2044s,” he said. “That’s 25 basis points tighter on the month.”
Meanwhile, Pacific Rubiales received attention after a group of Venezuelan investors raised its stake at the same time that Alfa SAB and Harbour Energy Ltd. were looking to make a buyout offer.
The company’s 5 3/8% notes due 2019 traded Friday morning at 91 bid, 91¾ offered after Thursday’s 91 bid, 92 offered. The 7¼% notes due 2021 were seen Friday at 93½ bid, 94½ offered, flat to Thursday.
The 5 1/8% 2023s moved to 85½ bid, 86¼ offered on Friday after trading on Thursday at 85.88 bid, 86.62 offered. And the 5 5/8% notes due 2025 were spotted Friday at 85¾ bid, 86½ offered after strengthening to 86 bid, 86¾ offered.
In other news, China Minsheng Banking Corp. has mandated bookrunners for a dollar-denominated issue of notes, a market source said.
The notes will be marketed during a roadshow that is set to start on May 11.
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