National Bank of Abu Dhabi sells bonds; investors skeptical about Pacific Rubiales takeover

By Christine Van Dusen

Atlanta, June 10 – National Bank of Abu Dhabi PJSC sold notes on Wednesday during another mixed session, driven by moves in U.S. Treasury rates.

Asian bonds saw solid demand from real-money accounts on Wednesday, with high-grade names closing the session 1 basis point to 3 bps tighter and recent underperformers bouncing back, a London-based trader said.

“The China oil complex is a couple tighter but not seeing much demand,” he said. “China bank seniors remained firm while LT2s were mixed.”

The new issue of notes from Korea Hydro & Nuclear Power Co., Ltd. was well-bid on Wednesday, he said.

“Woori Bank’s 2024 held firm,” he said. “Malaysia was unchanged to 2 bps tighter, with sellers into the rally.”

And bonds from India weakened amid some selling, moving 3 bps to 5 bps wider, he said.

Greece was on radar screens on Wednesday after the European Commission rejected the sovereign’s new proposal for repaying its debt, which doesn’t match up with the proposal submitted by its international creditors.

Latin America-focused Pacific Rubiales was once again in the news, this time after the company filed a management information circular and released a letter to shareholders ahead of a special meeting about the acquisition planned by Mexico-based Alfa SAB de CV and Harbour Energy Ltd.

The company’s bonds reflected growing skepticism about the deal, a London-based trader said.

© 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.