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Primary sees Chile, Shanghai Electric, Reliance; limited depth for EM; roadshows ahead
By Christine Van Dusen
Atlanta, May 19 – Chile, Shanghai Electric Group Co. Ltd., India’s Reliance Industries and Singapore’s Starhill Global Real Estate Investment Trust were among the issuers to print notes on a firm but “trickier” Tuesday for emerging markets assets.
“Firm morning, and then a trickier afternoon as rates moved, post-the strong housing starts data,” a trader said. “We touched 2.3% on the Treasuries again before coming back to 2.24% at the London close.”
Still, Middle Eastern bonds saw tighter spreads on Tuesday amid a trickle of supply, with Bank of Sharjah PJSC among the few issuers from the region to advance deals.
“Flows are balanced, but again, there are plenty of sticky bonds and still not much depth to the market at certain times on certain bonds,” he said. “I guess that’s the nature of the beast these days. But I fear for depth in the summer and Ramadan.”
In other news, China’s Century Sunshine Group Holdings Ltd. will depart on Wednesday for a roadshow to market a Singapore dollar-denominated issue of notes.
Bank of Sharjah will set out on May 21 for a roadshow to market a dollar-denominated and benchmark-sized issue of notes.
And China Vast Industrial Urban Development Co. Ltd. has mandated Morgan Stanley, ICBC International, JPMorgan and Citic CLSA Securities to lead a roadshow.
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