National Bank of Abu Dhabi, YPF, Exim India do deals; Greece, Ukraine, Kaisa get attention

By Marisa Wong

Atlanta, Feb. 4 – National Bank of Abu Dhabi PJSC, Argentina’s Yacimientos Petroliferos Fiscales (YPF), Export-Import Bank of India and China Construction Bank (Asia) Corp. Ltd. were among the issuers to print notes on Wednesday amid firm trading from Asia and tighter spreads for India’s bonds.

Meanwhile, Greece continued to negotiate its debt with its main creditors, proposing a swap of outstanding debt for a bond indexed to nominal economic growth. The sovereign also suggested printing another perpetual issue to replace Greek bonds owned by the European Central Bank, according to a report from Schildershoven Finance BV.

Wednesday also saw investors focus on Brazil-based Petroleo Brasileiro SA (Petrobras), which has seen its chief executive officer step down in the midst of a corruption scandal, a trader said. Then there was Tuesday’s news that Fitch Ratings had downgraded Petrobras’ rating.

In response to this news, Petrobras’ bonds tightened at the open by as much as 30 basis points before retracing to about 15 bps tighter, a New York-based trader said.

Ukraine so far this week has seen selling inquiries for its 2015s and 2016s, and short-dated sovereign bonds have been under pressure, said Fyodor Bagnenko, a fixed-income trader with Dragon Capital.

Notes from Asia put in a firm session on Wednesday, as the sell-off in U.S. Treasuries moved high-grade cash bonds 1 bp to 3 bps tighter, a London-based trader 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.