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Petrobras century deal gets attention; Buenos Aires prices notes; Lima Metro sets roadshow
By Christine Van Dusen
Atlanta, June 2 – Buenos Aires priced new notes on a Tuesday that saw action for the new 100-year issues of notes from Brazil-based Petroleo Brasileiro SA while high-grade bonds from China tightened in response to Treasury rates.
The new deal from Petrobras – $2.5 billion 6.85% notes due 2115 that priced Monday at 81.070 to yield 8.45%, or Treasuries plus 549.3 basis points – made up more than 10% of trading in the high-yield space, with more than $360 million in trading.
That far exceeded any other bonds in that space on Tuesday, a market source said.
For bonds from Asia, “fast-money accounts took this as an opportunity to take profit, and we closed the day unchanged to a couple basis points tighter,” a London-based trader said. “The overall tone still feels defensive, as U.S. Treasuries sold off further, post-London open. But buying interests diminished.”
China-based Cnooc Ltd.’s recent 3½% 10-year notes traded at 144 bps on Tuesday before settling closer to 146 bps, he said.
China Petroleum & Chemical Corp.’s $1.5 billion 3¼% notes 2025 traded at 130 bps on Tuesday, he said.
In deal-related news, Peru’s Lima Metro Line 2 Finance Ltd. will set out on Wednesday for a roadshow to market a dollar-denominated issue of notes.
And Gabon has mandated Deutsche Bank, JPMorgan and Standard Chartered Bank as bookrunners for a dollar-denominated issue of benchmark-sized notes that will be marketed during a roadshow.
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