Korea Resources, Russia’s Renaissance sell notes; Lat-Am tightens; Global Ports on deck

By Christine Van Dusen

Atlanta, April 11 – Korea Resources Corp. and Russia’s Renaissance Financial Holdings Ltd. were among the issuers to print notes on Monday, as investors kept their eye on the post-election picture in Peru, as well as the global economy.

Meanwhile, spreads for Latin American bonds finished tighter and higher on the day, led by Peru, as election results boosted sentiment, a New York-based trader said.

Brazil’s five-year credit default swaps spreads closed at 373 basis points from 386 bps, while Mexico’s moved to 172 bps from 176 bps.

“Cash prices move higher, with long-end bonds generally outperforming in most curves, as curve-flattening continues in the Latin American external space,” the trader said. “Lat-Am high-yield finishes unchanged to higher on the session.”

Venezuela’s 2027s closed at 37.50 from 37.75, and PDVSA’s 2017s finished at 37.50 from 37.75.

Argentina’s Bonar 2024s were up at 108.75 from 108.25, he said.

In deal-related news, Turkey’s Alternatifbank AS set talk at 9½% to 9¾% for an issue of $250 million to $300 million notes due in 10 years, a market source said.

Russia-focused Global Ports Investments plc launched a $350 million issue of notes due in January of 2022 at 6 7/8%, a market source said.

Uruguay could issue euro- or yen-denominated notes sometime this year, a market source said.

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