Issuance from Greenland China, Hang Seng Bank, Pakuwon; up and down day for EM trading

By Christine Van Dusen

Atlanta, June 25 – China’s Greenland Holding Group Co. Ltd., China’s Hang Seng Bank (China) Ltd. and Indonesia’s PT Pakuwon Jati Tbk priced new deals on a Wednesday as trading picked up, then sputtered, then improved again.

“The day went in fits and starts, really,” a London-based trader said.

Investors took a defensive posture in the morning on the news that the cease-fire in Ukraine may not hold, as well as worries that the United States could institute more sanctions against Russia.

“At the open, Russia was about 5 basis points wider,” a London-based analyst said.

In other trading, the new issue from Turkey’s Albaraka Turk Katilim Bankasi AS – $350 million 6¼% notes due June 30, 2019 that priced at par – moved down about 0.3 points on Wednesday, she said.

The new issue from Abu Dhabi-based Al Hilal Bank fared better. The 5½% perpetual notes that priced at par moved up about 0.4 points on Wednesday.

“Very active, then a midday lull, then a little more action as we head into the close,” the London trader said.

Front-dated bonds from names in Qatar and Abu Dhabi remained popular, he said, as did International Petroleum Investment Co.’s notes.

“Liquidity is starting to get a little tricky,” he said. “Generally the market was supported today.”

In deal-related news, China City Construction (International) Co. Ltd. set talk, Chile’s Colbun SA planned a roadshow, and Bulgaria picked bookrunners.

© 2015 Prospect News.
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