Primary hosts Chexim, GNL Quintero, Greenko, others; Russian CDS widen; LatAm tightens

By Christine Van Dusen

Atlanta, July 24 – Export-Import Bank of China (Chexim), China’s Sichuan Development Holding Co. Ltd. and Singapore’s Dyna-Mac Holdings Ltd. were among the issuers to print notes as the European Union readied further sanctions on Russia.

Also selling notes during the session were Modern Land (China) Co. Ltd., Chile’s GNL Quintero SA and India’s Greenko Group plc.

Ahead of expected sanctions against financial and energy companies in Russia, credit default swaps for the sovereign moved about 5 basis points wider on Thursday, a London-based analyst said.

Meanwhile, credit default swap spreads from Turkey tightened 14 bps on the back of a positive report on inflation.

From Latin America, corporate bonds also narrowed, with Brazil’s Petroleo Brasileiro SA (Petrobras) moving in another 5 bps and seeing buyers.

High-grade names were also a bit stronger, though Brazil’s Votorantim Cimentos SA’s paper moved lower, he said.

Chile-based Empresa Nacional de Telecommunicaciones SA’s recent $800 million 4¾% notes due 2026 that priced at 99.763 improved on Thursday.

And the new issue from Chile-based natural gas company GNL Quintero – $1.1 billion 4.634% notes due 2029 that priced at par on Thursday to yield Treasuries plus 212.5 bps – moved up about 1 point in the secondary market, he said.

The notes were talked at a spread in the mid-200 bps area.

© 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.