‘Upbeat session’ for EM assets; Lat-Am tightens; demand for Qtel; Angola sets roadshow

By Christine Van Dusen

Atlanta, Oct. 22 – Emerging markets assets saw spreads tighten on Thursday, with Latin American cash prices rising and Romania’s new 10-year bonds seeing solid volume, as the larger markets ended higher on better economic data.

“Upbeat session,” a New York-based trader said.

Though volumes were lower than usual on Thursday morning, the tone remained firm for Latin American assets, and sellers emerged for some harder-to-source credits and names with stretched valuations, another trader said.

“On the other side, there are still buyers keeping everything pretty firm and tidy,” he said. “Also moving some credits around are third-quarter results.”

From the Middle East, Qatar-based Qtel International’s 4¾% 2021s were trading on Thursday morning at 111 3/8, about 25 bps tighter, a trader said.

“Early morning demand from Asia on senior five-year banks and Qtel sees those names nicely bid,” he said.

On Thursday Namibia set talk in the 5¾% area for a dollar-denominated issue of 10-year notes, a market source said.

Tianjin Eco-City Investment and Development Co., Ltd. set talk in the 4.7% area for a renminbi-denominated issue of benchmark-sized notes due in three years, a market source said.

And Angola will set out on Oct. 26 for a roadshow to market a debut issue of dollar-denominated and benchmark-sized notes, a market source said.

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