Morning Commentary: New Gazprom edges up in trade; solid bid seen in Qatar, Turkey

By Rebecca Melvin

New York, July 13 – PJSC Gazprom’s newly priced 2½% notes due 2022 edged up in trade on Thursday after the Moscow-based natural gas producer priced CHF 500 million of the loan participation notes at par, a London-based trader said.

The new Gazprom notes traded up to 100.80.

Elsewhere there was a bit better bid in Qatar and Turkey sovereigns as well as Turkish banks.

Turkish banks were well bid, and both the sovereign and banks were 5 basis points to 10 bps tighter on the day, the trader said.

Overall, the market was holding in well despite rates settling off later in the session. “There was some paper coming out of ETFs, but the market was generally subdued and there were not huge flows,” the trader said.

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