Volumes low but tone firm; Greece extends banking holiday; roadshow for China’s Minmetals

By Christine Van Dusen

Atlanta, July 17 – Flows were light but the tone was firm for most emerging markets assets on Friday, even as Greece once again extended its banking holiday, this time closing lenders through Sunday.

Meanwhile, Asian bonds were mostly quiet, with an early close, and broadly unchanged, a London-based trader.

The only exception was China, which saw its notes get a boost on renewed buying of Chinese equities.

Korea Gas Corp.’s new 3˝% notes due 2025 that priced 99.824 to yield Treasuries plus 110 basis points was a bit soft on Friday.

In other trading, bonds from Ukraine entered the end of the week on better footing, a trader said.

In deal-related news, Hong Kong-based property company Minmetals Land Capital Ltd. will set out on Monday for a roadshow to market a dollar-denominated issue of notes, a market source said.

In Asian sovereigns, “the flows were also negligible, but a positive overnight tone and a decent bounce in China has got the Indonesia long end around ˝ point higher while the belly is around 1/8 point higher,” the London trader said.

From Latin America, volumes and inquiries were “super light” but the tone was firm for most high-grade credits on Friday, a New York-based trader said.

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