Kuwait bank, Dalian Wanda arrange roadshows; volatility hits markets; Ukraine bonds fall

By Christine Van Dusen

Atlanta, March 26 – National Bank of Kuwait and China’s Dalian Wanda Commercial Properties Ltd. announced roadshows on a volatile Thursday as oil prices rallied, weekly jobless claims in the United States declined, and the European Central Bank said it expected to hit its monthly target for buying bonds to buoy the economy.

The session was also impacted by a flight-to-quality approach from investors who sold off bonds as equities and Latin American markets weakened.

“Oil names were generally better bid, as the rally in crude continued,” a London-based trader said. “The China oil complex held in firm while the rest of the sector closed a couple wider.”

Malaysia-based Petroliam Nasional Bhd.’s (Petronas) $5 billion of notes due in five, seven, 10 and 30 years closed unchanged to 5 basis points tighter on Thursday.

“The 2025s and 2045s were outperforming,” he said.

High-grade property companies from China widened slightly while notes from India closed Thursday unchanged, with sellers emerging for lower-quality bank paper, he said.

From Ukraine, eurobonds lost several percentage points by Thursday “amid rumors that major debt holders – including Russia, Franklin Templeton and Rothschild funds – will not accept a principle haircut,” according to a report from Schildershoven Finance BV.

The sovereign’s 2017s have fallen to a historic low, the report said.

© 2015 Prospect News.
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