Primary hosts Oman Electricity, Yuexiu Transport, Emirates NBD, others; FOMC on market’s mind

By Christine Van Dusen

Atlanta, April 29 – Oman Electricity Transmission Co. SAOC, India’s Bharat Petroleum Corp. Ltd., China’s Beijing Enterprises Holdings Ltd., China’s Yuexiu Transport Infrastructure Ltd. and Dubai’s Emirates NBD PJSC sold notes on Wednesday as many Latin American bonds moved wider and investors awaited the Federal Open Market Committee meeting.

Brazil-based Petroleo Brasileiro SA and Vale SA were particularly hard-hit by the move in U.S. Treasuries, a New York-based trader said, and real-money investors were selling en masse.

From Asia, bonds were quieter on Wednesday, with high-grade names broadly unchanged, a London-based trader said.

“Tone feels better today, as the higher U.S. Treasury yields attracted real-money buyers,” he said. “New issues were mixed.”

He pointed to the new notes from China Petrochemical & Chemical Corp. (Sinopec Group), a five-tranche issue of dollar-denominated and euro-denominated notes due in five, 10, 30, three and seven years.

Financial company bonds from China were unchanged on Wednesday, while notes from Korea were firm, with buyers seen for recent issues, he said.

“India is unchanged,” he said.

The new issue of notes from Bank of India (Jersey branch) – 3 1/8% notes due 2020 that priced at 99.574 to yield 3.218% – opened at 191 bps bid, 186 bps offered and traded to a tight of 182 bps before pulling back to 185 bps bid, 182 bps offered, 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.