GarantiBank, Jamaica, Odebrecht sell notes; Ukraine, Russia in focus; Globoaves puts off deal

By Christine Van Dusen

Atlanta, July 1 – Turkey’s Turkiye Garanti Bankasi (GarantiBank), Jamaica and Brazil’s Odebrecht Oil & Gas Finance Ltd. printed notes on Tuesday as the ceasefire ended in Ukraine and Russia’s bonds widened in response.

For bonds from the Middle East and Africa, it was a mixed trading session, a London-based trader said.

“Flows overall are light, although some European and United States activity and portfolio rejigging is happening, as a new month begins,” he said.

Abu Dhabi and Qatar bonds were trading fairly well on Tuesday, as were some bonds from Saudi Arabia and its corporates, he said.

“Kuwait, Bahrain and Dubai are a little mixed and heavy,” he said. “So it’s a case of higher-spread and higher-beta names being offered and lower-beta being supported.”

In deal-related news, Brazil’s Klabin SA, Brazil’s InterCement Brasil SA and Corporacion Nacional del Cobre de Chile (Codelco) were preparing to market deals, while South Africa sought to issue new notes.

“Supply should at least be limited through July and August in this space, allowing the redemption cash to pick up secondary paper,” the London trader said.

Also on Tuesday, Brazil’s Globoaves Finance SA postponed its planned issue of dollar-denominated notes.

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