Primary sees deals from Gruma, HDB, Moscow bank, Angamos; Petrobras, Ukraine in focus

By Christine Van Dusen

Atlanta, Nov. 21 – Mexico’s Gruma SA de CV, Singapore’s Housing and Development Board, Russia’s Credit Bank of Moscow and Chile-based Empresa Electrica Angamos SA sold notes on a more positive day for emerging markets assets.

Though some bonds suffered at the start of the week, those from the Latin America corporate market firmed up as the week went on as some investors thought the market was turning a corner, a New York-based trader said.

Bonds from Brazil-based Petroleo Brasileiro SA tightened another 20 basis points into the close on Friday on the news that one of its offshore oil platforms became operational this week.

“Flows were markedly one-way as volumes ramped up again after taking a little breather yesterday,” a New York-based trader said.

Similarly, bonds from Brazil-based Vale SA also narrowed on Friday amid better sentiment in Brazil, he said.

Vale’s bonds closed as much as 15 bps tighter on Friday, he said.

“Much better buying seen through most account bases,” he said.

Taking a look at corporate bonds from Colombia, flows were two-way on Friday and traded better than in previous days, he said.

Looking to Ukraine, sovereign bonds rallied into the end of the week, even as trouble continued in the East and Russia-supporting rebels were reportedly violating ceasefires.

© 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.