Primary sees Jordan, Korea Gas, Sberbank, SriLankan Airlines; trading mixed; Albaraka on deck

By Christine Van Dusen

Atlanta, June 23 – Jordan, Korea Gas Corp., Russia’s OAO Sberbank and SriLankan Airlines Ltd. were among the issuers to sell notes on Monday as the ceasefire in Ukraine gave investor sentiment a boost, though the positivity was dampened by the continuing conflict in Iraq.

“The primary market is active once again this morning,” a London-based analyst said.

Trading was mixed, with sellers outpacing buyers. And liquidity suffered somewhat as a result of the World Cup and ahead of the Ramadan holiday, a London-based trader said.

The 2022 and 2023 bonds from Bahrain received some support while Qtel International’s bonds struggled, given its exposure in Iraq, he said.

“I suspect most of the selling has been attributed to the situation on the ground there,” he said. “The main moves have been on 2023s and 2025s and 2028s, not the short-dated 2016s, 2018s and 2019s.”

The recent issue of 4.564% notes due 2024 from Dubai’s Emaar Malls Group traded in good size at 100.60 bid, 100.65 offered after pricing at par, he said.

“That’s a move wider, yes, but it ain’t carnage,” he said. “Still seeing decent buyers of International Petroleum Investment Co. and a mixed bag on Abu Dhabi National Energy Co.”

In deal-related news, Turkey’s Albaraka Turk Katilim Bankasi AS and Abu Dhabi-based Al Hilal Bank set guidance and Turkey-based Turkiye Cumhuriyeti Ziraat Bankasy AS (Ziraat Bank) released details on the expected tenor for its deal.

© 2015 Prospect News.
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