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Asian issuers line up deals; Egypt plans sukuk; National Bank of Kuwait gives guidance
By Christine Van Dusen
Atlanta, March 31 – Korea Hydro & Nuclear Power Co. and Hong Kong mandated bookrunners while Egypt pondered issuance on a Tuesday that ended the month on a “fairly active” note, a London-based trader said.
“Overall market had a good tone,” he said. “Perpetuals were calmer ahead of supply from National Bank of Kuwait.”
The issuer on Tuesday set talk in the high-5% area for its dollar-denominated issue of benchmark-sized and perpetual notes via HSBC, Standard Chartered Bank, Citigroup, National Bank of Abu Dhabi and NBK Capital in a Regulation S deal.
Long-dated bonds remained popular, with Saudi Electricity Co.’s 2044s trading above 109 and closing almost 5 basis points tighter, he said.
“Sighted solid bids on Bahrain’s 2044s and Dubai’s 2043s,” he said
From Latin America, Brazil-based Pacific Rubiales Energy Corp. was once again in the news, this time amid rumors that the company is hiring banks to lead bond meetings, a New York-based trader said.
On Tuesday, though, the bonds were “very quiet” at the start of the session, a London-based trader said. “Down 25 cents to 50 cents.”
By the afternoon in New York, activity picked up a little bit, and the bonds were “feeling a little stronger from the morning lows,” he said.
Meanwhile, Brazil-based Petroleo Brasileiro SA saw its spreads move tighter into the close, finishing up narrower by 20 bps in the belly of the curve, the New York trader said.
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