Primary hosts Etihad, Gazprom, 4finance; Suzano bonds ‘interesting’; Turkish paper widens

By Christine Van Dusen

Atlanta, Nov. 23 – Abu Dhabi’s Etihad Airways, Russia’s PJSC Gazprom and Latvia’s 4finance Holding SA were among the issuers to bring new notes ahead of the Thanksgiving holiday on a wider Wednesday for Turkey’s bonds.

“Closing 8 basis points to 12 bps wider, underperforming all peers once again,” a London-based trader said. “Very weak close, as most expect no small move higher by Central Bank of Turkey.”

Investors in Turkey’s bonds remain “quite cautious despite the recent yield growth,” according to a report from Schildershoven Finance BV. “The central bank’s meeting, to be held on Wednesday, will hardly change the situation.”

From Latin America, Brazil-based paper and pulp company Suzano Papel e Celulose SA was eyed after saying it would continue to invest $500 million a year despite the downturn in the pulp industry, the report said.

“The company’s bonds may be interesting for investors with a low risk appetite,” the report said.

Overall trading activity was muted, though, given that investors from the United States were looking ahead to the Thanksgiving holiday and continued to digest the news of Donald Trump’s presidential win.

In deal-related news, China’s Dah Sing Bank Ltd. is looking to issue up to $250 million of 10-year notes, a market source said.

Colombia’s Tecnoglass Inc. has canceled plans for up to $225 million bonds due in five, six or seven years, a market source said.

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