Ghana, Nigeria gain support; Ukraine bonds improve; Bahrain, others pull ambassadors out of Qatar

By Christine Van Dusen

Atlanta, March 5 - Buyers were seen for bonds from Ghana and Nigeria in early trading on Wednesday as continued concern about Ukraine kept the primary market quiet and investors cautious.

Some good news did surface for Ukraine: the embattled sovereign has been offered €11 billion in loans and grants from the European Union. This followed the United States' offer of $1 billion in loan guarantees for Ukraine.

Up next is a summit on Thursday in Brussels where European leaders are expected to discuss Russia's involvement in Ukraine.

So far this week, sovereign bonds from Ukraine have moved up as much as 6 points, said Svitlana Rusakova of Dragon Capital.

Corporates and quasi-sovereign bonds also have traded up, but not quite as much as sovereigns, she said.

In other trading on Wednesday morning, Qatar's Ooredoo QSC - formerly known as Qtel International - saw its 2023s and 2028s 7 basis points wider, a trader said.

This came as Saudi Arabia, the United Arab Emirates and Bahrain announced plans to withdraw their ambassadors from Qatar due to the sovereign's support of the Muslim Brotherhood movement.

"The Gulf region has been very heavy," a trader said.

Also on Wednesday morning, Dubai-based Emaar Properties' 2019s widened by 12 bps to 111.50 bid, 112 offered.

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