Peru’s Cofide issues notes; Greek banks stay closed; Chinese markets roiled; deals ahead

By Christine Van Dusen

Atlanta, July 7 – Investors remained risk-averse on Tuesday after Greece extended its banking holiday and corporates from China suspended trading in an effort to stem selling after the premier didn’t mention the market crisis in his statement on the economy.

Meanwhile, U.S. Treasuries rallied and many emerging markets bonds moved wider, a London-based trader said.

Africa “woke up on the wrong side of the tent,” he said, with spreads 10 basis points to 15 bps wider.

The Gulf region was a “mixed bag” but saw plenty of investor interest, with better buyers of perpetuals and generally wider spreads on the move in rates, he said.

Against this backdrop, Peru’s Corporacion Financiera de Desarrollo SA (Cofide) printed a two-tranche issue of $800 million notes due in four and 10 years.

In other news, market sources were whispering about a possible issue of as much as $5 billion of notes from Iraq that could print this summer. And the Philippines could be looking at issuing bonds in 2016.

China’s HNA Tourism Group Co. Ltd. is on a roadshow for a possible issue of notes, a market source said.

Saudi Arabia’s Arab Petroleum Investments Corp. (Apicorp) has mandated four banks for a dollar-denominated issue of Islamic bonds, a market source said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.