Olam, ICBC do deals; Russian bonds widen; Rosneft takes a hit on Yukos ruling; roadshows ahead

By Christine Van Dusen

Atlanta, July 29 – Singapore’s Olam International Ltd. and Industrial and Commercial Bank of China Ltd. (ICBC) sold notes on Tuesday as bonds from Russia continued to widen amid looming sanctions.

Russian bank bonds widened between 15 basis points and 25 bps during the morning session as the companies awaited further punishment from the European Union and United States, a London-based analyst said.

In other news from Russia, oil company OAO Rosneft – which owns most of the assets of Yukos Oil Co. – saw its bonds take a hit after Russia was ordered to pay Yukos’ former owners $50 billion.

Looking to Latin America, volumes picked up significantly on Tuesday morning and spreads were mostly unchanged, a New York-based trader said.

By the afternoon on Tuesday, Latin American corporate bonds were wider as risk aversion set in, another New York-based trader said.

In other news, China’s KWG Property Holding Ltd. set talk at 8¼% to 8 3/8% for its upcoming issue of up to $400 million of notes due in five years.

Nigeria-focused Seven Energy set talk in the mid-9% area for its upcoming issue of $500 million notes due in seven years.

Colombia’s Financiera de Desarrollo Territorial SA (Findeter) will set out on Thursday for a roadshow for a possible issue of notes.

And Latvia’s AS 4finance will embark on Wednesday on a roadshow to market a possible issue of notes.

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