Ukraine corporates, quasi-sovereigns see some bids; debt volumes dropped in third quarter

By Christine Van Dusen

Atlanta, Dec. 24 - Emerging markets bonds were quiet on Tuesday, ahead of the Christmas holiday, with some bids for corporates from Ukraine.

"Very little activity due to upcoming holidays," said Svitlana Rusakova of Dragon Capital. "A few prices out there on broker screens."

Prices were mostly unchanged for Ukraine's sovereign bonds, she said.

"But some quasi-sovereigns and corporates [are] better bid," she said.

In other news, industry group EMTA released its report on emerging markets debt trading volumes for the third quarter, showing that $1.27 trillion changed hands during that time period.

In the third quarter of 2012, the total was $1.3 trillion, EMTA said.

Turnover in local markets instruments hit $822 billion in the third quarter, accounting for 65% of total reported volume, versus the $882 billion reported in the third quarter of 2012.

Local debt from Mexico was the most frequently traded, at $218 billion, EMTA said. Brazil was also high on the list, at $154 billion, followed by India ($88 billion), South Africa ($51 billion) and Russia ($48 billion).

"Eurobond trading stood at $437 billion in the third quarter," the report said. "This compares to $407 billion in the third quarter of 2012, a 7% increase, and $544 billion in the second quarter."

Sovereigns accounted for 59% of the activity, and the most actively traded issues were Russia's 2030s, Ukraine's 2023s, Brazil's 2023s, Brazil's 2041s and Venezuela's 2027s.

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