Issuance from Peru; EM spreads tighten slightly; deals from Indiabulls, Vietnam ahead

By Christine Van Dusen

Atlanta, Oct. 30 – Peru printed notes on Thursday as the picture improved for most emerging markets assets.

“We are opening better,” a London-based analyst said. “The Federal Open Market Committee statement was somewhat more hawkish than expected, but rates have been, overall, fairly stable.”

Spreads tightened slightly for most emerging markets bonds on Thursday morning, and good buyers were seen for bonds from Turkey, he said.

“We are also seeing some interest in select Russian names,” he said, pointing to OJSC Gazprom and JSC Gazprom Neft.

Looking to the Middle East, Bahrain bonds had a solid bid, with the 2022s and 2023s moving up as much as 12 basis points over the week, a London-based trader said.

The London trader also noted good interest in Qatar, with the 2019s closing 10 bps better on the week.

From Latin America, bonds from Brazil-based Petroleo Brasileiro opened about 8 bps tighter on Thursday, with heavy volumes early in the morning, a New York-based trader said.

In general, high-grade names from Brazil were a bit firmer, he said, but quiet overall.

In deal-related news, India’s Indiabulls Financial Services Ltd. has mandated Deutsche Bank as the bookrunner for a dollar-denominated issue of Regulation S bonds, a market source said.

And Vietnam has set the size at $1 billion for its upcoming issue of notes, a market source said.

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