Singapore’s Mapletree Logistics prices notes; trading of Lat-Am, Middle East mixed

By Christine Van Dusen

Atlanta, May 16 – Singapore’s Mapletree Logistics Trust sold notes on Monday and emerging markets assets had “a tough time getting going,” as the rally in equities and oil prices made little positive impact on spreads.

Brazil’s five-year credit default swaps spreads closed at 329 basis points from 328 bps while Mexico’s moved to 166 bps from 167 bps, a New York-based trader said.

“Cash prices felt heavy throughout the session, as U.S. Treasury weakness has levels adjusting to the left,” he said. “Lat-Am high-yield finishes mixed on the day, with Argentina higher, whereas Venezuela moves lower after a nice run higher recently.”

Trading of Middle Eastern bonds was a “mixed bag overall,” a London-based trader said, “with an ongoing battle between technicals and Street shorts versus upcoming supply and ratings downgrades.”

In deal-related news, Dubai-based lender Emirates Islamic Bank mandated bookrunners for a dollar-denominated issue of benchmark-sized Islamic bonds, a market source said.

Sources were also whispering about a possible issue of notes from Dubai’s Noor Islamic Bank.

Argentina’s Banco Hipotecario SA is expected to issue an up to $200 million tap of its notes due Nov. 30, 2020, a market source said.

Dubai’s DP World is looking to print a benchmark-sized issue of dollar-denominated notes, a market source said.

Colombia’s Ecopetrol SA could issue up to $1 billion of new notes, a market source said.

© 2015 Prospect News.
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