Tunisia prints notes; Russian bonds improve; Entel sees strong volumes, small gains

By Christine Van Dusen

Atlanta, July 22 – Tunisia sold notes on Tuesday as bonds from Russia opened somewhat stronger and credit default swaps tightened amid mixed flows.

“Yesterday saw spreads widen anywhere from 20 basis points to 50 bps in Russian banks as investors became concerned about possible further harsh sanctions,” a London-based analyst said. “But news overnight will have calmed some concerns.”

After some delay, the rebels at the site of the Malaysian Airlines crash in Ukraine have handed over the bodies of the victims and the black boxes from the airplane. Investigators will now be able to conduct a more thorough examination of the site.

“That alone will likely ease pressure on European leaders to impose strong sanctions [against Russia] at tonight’s meeting,” the analyst said.

In response, Russian credit default swap spreads tightened 5 bps on Tuesday.

In news from the Latin American corporate arena, the tone improved by the end of the day on Tuesday, another New York-based trader said. And volumes were “solid.”

The recent issue of 4¾% notes due 2026 that Chile’s Empresa Nacional de Telecommunicaciones SA (Entel) priced at 99.763 saw strong volumes and managed small gains, he said.

Other Chilean corporates were mostly quiet.

Mexico-based Unifin Financiera SAPI de CV’s recent 6¼% notes due 2019 that priced at 99.472 ticked higher on Tuesday, he said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.