China’s Times Property sells bonds; Bulgaria roadshow ahead; Lat-Am corporates face downgrades

By Christine Van Dusen

Atlanta, March 2 – China’s Times Property Holdings Ltd. sold notes on Monday as Russian bonds opened weaker, following Sunday’s large march through Moscow in memory of the slain opposition politician Boris Nemtsov.

In response to this, as well as news of more fighting in Ukraine, Russia’s bonds faltered on Monday morning.

“But they have since strengthened,” a London-based analyst said.

Bonds from Central and emerging Europe were mostly strong on Monday morning, the analyst said, as Croatia began its roadshow for new issue of euro-denominated notes.

Investors started selling some Croatia bonds ahead of the new deal, a trader said, with a “great bid” seen for the sovereign’s 2024 notes.

Looking to Latin America, the session was fairly active, particularly for a Monday, a New York-based trader said.

Bonds from Brazil-based Petroleo Brasileiro SA continued to tighten, moving in about 5 bps from Friday’s close, as investors tried to determine whether Friday’s news of a two-notch downgrade from Moody’s Investors Service had already been priced in.

But overall, volumes were “subdued,” the New York trader said. “Retail continues to buy, and any deep real-money selling seen after the downgrade has waned.”

In deal-related news, Bulgaria will set out on March 16 for a roadshow to market a euro-denominated issue of notes, a market source said.

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