Bohai Steel prices notes; Turkey, Russia tighten slightly; Lat-Am suffers; roadshows ahead

By Christine Van Dusen

Atlanta, Oct. 9 – China’s Bohai Steel Group Co. Ltd. launched an issue of notes on Thursday as risk sentiment improved following dovish comments from the Federal Reserve.

“In Turkey and Russia, we have seen bonds keep up with U.S. Treasuries, with spreads a little tighter,” a London-based analyst said. “Generally we have seen better buyers of longer-dated sovereign paper, while corporates and banks have seen limited flow this morning, particularly in Russia.”

From Latin America, spreads widened into the afternoon, with bids hit for investment-grade and high-yield names, a New York-based trader said.

Brazil-based Petroleo Brasileiro (Petrobras) gave up almost all of its previous tightening while Vale SA stuck near Wednesday’s spreads.

Mexico-based Cemex SAB de CV, which seemed to stabilize early Wednesday, weakened again on Thursday, the New York trader said.

Many names from Colombia moved down during the session, he said, and corporate bonds from Peru were lifeless.

In deal-related news, Turkey’s Turkiye Sinai Kalkinma Bankasi AS (TKSB) will set out on Oct. 13 for a roadshow to market a debut issue of dollar-denominated notes.

Chile’s E-CL SA will set out on Friday for a roadshow to market an issue of notes.

The United Kingdom is planning to issue benchmark-sized and renminbi-denominated notes in the world’s first non-Chinese sovereign bond in Chinese currency.

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