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Recent issues maintain premiums amid turbulence; Russia, Ivory Coast new issues trade up
By Paul A. Harris
Portland, Ore., March 19 – Some recent issues were holding in amid broad-based capital markets volatility on Monday, according to a bond trader.
With the Dow Jones industrial average down 1.75% at midmorning and crude oil lower on the day, new Tullow Oil plc 7% senior notes due March 1, 2025 (B3/B) were 100¼ bid, 100½ offered, off the day’s highs in sloppy trading.
The $800 million issue, upsized from $650 million, priced at par on Friday at the tight end of price talk, playing to a mix of accounts including emerging markets and high-yield investors, sources said.
In the sovereign space, Russia’s new 4 3/8% eurobonds due March 2029 were up half a point.
The new Russian 11-year paper was priced last Friday in a $1.5 billion tranche, part of an overall $4 billion deal that also included a $2.5 billion add-on to the 5¼% eurobonds due June 23, 2047.
Elsewhere, among recent sovereign issues Ivory Coast bonds, priced last week in an overall €1.7 billion two-part deal, were trading above issue prices on Monday.
The new Ivory Coast 5¼% notes due 2030 were par bid, 100¼ offered. The €850 million tranche priced at par on Thursday.
The new Ivory Coast 6 5/8% notes due 2048 were par bid, 100 3/8 offered on Monday.
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