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Primary hosts deals from Burgan Bank, Emaar Properties; oil prices rally; KDB does deal
By Christine Van Dusen
Atlanta, Sept. 7 – Kuwait’s Burgan Bank SAK and Dubai-based property developer Emaar Properties sold notes on a Wednesday that saw oil prices rally for a third session as investors digested Tuesday’s weak non-manufacturing report for August from the United States.
Meanwhile, oil prices continued to trade between $45 and $50 per barrel “but have retreated from the highs after a Saudi Arabian-Russian joint agreement to form a working group fell somewhat short of more pronounced expectations,” a London-based analyst said.
By the end of Wednesday’s session, crude was up 67 cents, at $45.50 per barrel.
Saudi Arabia also received attention on the news that the sovereign could cancel $20 billion in transportation, housing and healthcare projects. This comes as the sovereign is preparing a bond deal that could total more than $10 billion, the analyst said.
In other news from the region, Iraq’s 5.8% notes due in 2028 were 50 basis points tighter on the month and were trading Wednesday at 82 bid, 82 5/8 offered, a trader said.
Turkey’s bonds improved on Wednesday, with the curve tightening between 8 bps and 10 bps, a trader said.
“Decent day for risk,” he said. “Long end in demand.”
From Ukraine, bond trading has been mostly strong so far this week, said Svitlana Rusakova of Dragon Capital.
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