Bank of Baroda prints notes; Russia tightens; Bahrain bonds suffer; roadshows under way

By Christine Van Dusen

Atlanta, July 8 – India’s Bank of Baroda sold notes on a firm Tuesday for bonds from Central and emerging Europe, with credit default swap spreads from Russia tightening about 5 basis points, a London-based analyst said.

From Latin America, corporate bonds were slightly stronger on Tuesday, a New York-based trader said.

The recent issue of 4˝% notes due 2024 that Chile-based utility company Colbun SA priced at 98.615 was hovering at about 99.40.

And Peru-based InRetail Shopping Malls’ recent 6˝% notes due 2021 that priced at 99.309 stood at 103 bid, he said.

Overall, flows for bonds from the region were mixed, he said.

Looking to the Middle East, bonds were more active, with spreads widening, a London-based trader said.

The move in Treasury rates helped Saudi Electricity Co., International Petroleum Investment Co. and some perpetual bonds stay well-bid, he said.

“Late in the day we even saw some low-ball bids creep up on the Kuwait complex, which had been very heavy over the past two to three weeks,” he said. “Etisalat was popular as well, especially the euro bonds, with the long-dated 2026 euro bonds closing at 100.80, bid side.”

Also on Tuesday, roadshows were underway for China’s Jinchuan Group Ltd. and China’s Emperor International Holdings Ltd. while Brazil’s Caixa Economica Federal and Mexico’s Unifin Financiera SAPI de CV planned marketing trips of their own.

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