EM spreads close session mostly flat; Codelco notes weaker; Colbun postpones dollar deal

By Aleesia Forni

Virginia Beach, Va., Aug. 9 - Bonds in the emerging markets space began the session on a weaker note, though spreads were mostly unchanged near the end of the day's trading, one market source noted.

He added that the tone was quiet on Friday, as there was "not much to speak of" with respect to bonds that were traded actively during the session.

The trader quoted the recent offering from Corporacion Nacional del Cobre de Chile (Codelco) nearly 6 basis points wider compared to its new issue spread.

The notes were pegged at 194 bps bid late Friday.

The notes were sold at a spread of 187.5 bps over Treasuries during Tuesday's session.

Codelco priced the $750 million 4½% 10-year notes at 99.864 to yield 4.517%.

BofA Merrill Lynch, HSBC and Mitsubishi UFJ were the bookrunners for the Rule 144A and Regulation S deal.

Codelco is a Santiago, Chile-based copper mining company.

In other news from that region, Chile's Colbun SA has decided to postpone its planned offering of dollar-denominated notes, a market source said.

The company had previously mandated Citigroup, HSBC and Scotiabank to arrange a marketing trip during the Aug. 5 week, expecting a Rule 144A and Regulation S deal to follow.

Colbun is a Santiago-based utility company.

There was also a deal announcement from Anton Oilfield Services Group.

The company gave terms of a sale from its wholly owned subsidiary, Anton Oilfield Services (Group) Ltd., pricing its second tranche of medium-term notes totaling RMB 200 million on Thursday.

The three-year notes have a coupon of 7.3%.

Pricing was determined through a bookbuilding exercise.

In May 2012, the company registered to issue RMB 500 million of medium-term notes in China and completed the first tranche totaling RMB 300 million.

Proceeds from the latest tranche will be used for investments in operating fixed assets and to supplement general working capital.

Based in Beijing, Anton Oilfield provides technical oil and gas field development services.

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