New issue from YPF; EM continues to climb; buyers lead way, though some sellers are seen

By Christine Van Dusen

Atlanta, March 18 – Argentina’s Yacimientos Petroliferos Fiscales SA (YPF) printed notes on Friday as emerging markets assets continued to enjoy a strong tone.

“We did move higher today on most credits,” a New York-based trader said. “Clients didn’t chase today as strongly as other days this week, and we did see more customer sell tickets today, but they are still clearly better buyers.”

Mexico-based Cemex SAB de CV saw more gains after hosting an investor day in New York, with its 2026s moving up one point.

Colombia’s Ecopetrol SA climbed ¾ point to 1 point as oil continued to move higher.

In other trading, the new issue of notes from Azerbaijan’s Southern Gas Corridor CJSC – $1 billion 6 7/8% notes due 2026 that priced Thursday at 99.112 to yield 7%, or Treasuries plus 509.7 basis points – saw some activity on Friday.

The notes were spotted at 99.90 bid, 100.15 offered. Later on Friday, the notes moved to 99.59 bid, 99.74 offered.

Looking to Ukraine, sovereign bonds have been rising along with the larger-market rally, but the move has been “rather muted,” said Fyodor Bagnenko, a fixed-income trader with Dragon Capital.

In deal-related news, China’s Yunnan Provincial Investment Holdings Group (YIG) will set out on March 21 for a roadshow to market a possible dollar-denominated bond, a market source said.

© 2015 Prospect News.
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