Yasar Holding prints bonds; Oi notes move higher on takeover news; Unacem trades up

By Christine Van Dusen

Atlanta, Oct. 31 – Turkish conglomerate Yasar Holding AS sold notes on Friday as bonds from Brazil-based Grupo Oi SA moved higher and notes from Mexico’s Cemex SAB de CV were better bid.

Oi’s notes jumped 1½ points on Friday on the news that the company was bidding – along with Mexico’s America Movil SAB and Spain’s Telefonica SA – for TIM Participacoes SA in an effort to break up the company.

Paper from Oi looked like it was for sale, a New York-based trader said.

“Confusing takeover story,” he said. “Seems like it has a long way to go before this mass consolidation trade is settled, meaning the paper will continue to trade in the 3 point to 5 point range.”

Meanwhile, the curve for Brazil-based Petroleo Brasileiro steepened under selling pressure, he said.

The long end for Brazil-based Vale SA was unchanged on a spread basis, he said, but it took a price hit with the drop in Treasuries.

“Clients are better sellers there as well,” he said.

And the recent issue of notes from Peru’s Union Andina de Cementos SAA (Unacem) – 5 7/8% notes due 2021 that priced at par – traded in a tight range on Friday.

The notes were spotted between 101.55 and 101¾, he said.

Overall, emerging markets bonds ended the week on better footing, a London-based analyst said.

© 2015 Prospect News.
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