Bahrain, SP PowerAssets, Stats ChipPAC sell notes; risky assets feel firm; Ukraine sees demand

By Christine Van Dusen

Atlanta, Nov. 17 – Bahrain and two Singapore-based corporates – SP PowerAssets Ltd. and Stats ChipPAC Ltd. – sold notes on Tuesday as oil prices recovered from recent lows and riskier assets from developed markets got a bounce.

“Emerging markets cash feels firmer as real money continues to put cash to work and buys on the dips,” a London-based trader said.

Bonds from Turkey and South Africa were a few basis points tighter at the open, he said.

“The Turkey sovereign continues to trade well, even with rates backing up,” he said.

From Latin America, Brazil-based Petroleo Brasileiro SA and Vale SA were both tighter on Tuesday morning as much of the rest of market firmed up a bit, a New York-based trader said.

“Inquiry has picked up a little,” he said, noting that Petrobras was seeing buyers again.

Other Brazilian corporates were unusually quiet, he said.

In other news, President Vladimir Putin “softened his stance” on the $3 billion Ukrainian eurobond owned by Russia and initially due Dec. 15, a trader said.

He offered to “settle the debt in $1 billion tranches from 2016 to 2018,” he said.

In response, Ukraine bonds have experienced some demand. That has been particularly so for the 2019s and 2027s, said Fyodor Bagnenko, a fixed-income trader with Dragon Capital.

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