New issues from NBAD, KWG; Asian names soften; Halkbank markets notes; IDB advances deal

By Christine Van Dusen

Atlanta, March 27 – National Bank of Abu Dhabi and China’s KWG Property Holding did deals while Turkey’s Turkiye Halk Bankasi AS (Halkbank) marketed notes on a Monday that saw emerging markets assets remain mostly resilient, even as investors leaned toward safer havens.

“With the American Health Care Act off the table for now, a big question mark looms over the promised tax reforms which the new U.S. Administration has vowed to tackle next,” a London-based analyst said. “While the increased uncertainty favors safe-haven assets in general, it’s a mixed blessing for EM credit.”

Meanwhile, oil prices continued to slip “despite pledges by several oil producers to back an extension of the agreed output cuts,” he said.

In trading, Asian bonds were a little bit softer on Monday morning along with equities and oil prices, a trader said.

“But certainly no panic, with spreads from 1 basis point to 2 bps wider only,” he said.

Volumes were low, with Chinese bank bonds moving 1 bp wider and senior notes from Korean banks mostly unchanged, another trader said.

In other deal-related news, Islamic Development Bank set the size at $1 billion to $1.5 billion for its upcoming issue of Islamic bonds, a market source said.

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