New deals from Romania, Colombia; Brazil in spotlight; SECO, TAQA among popular bonds

By Christine Van Dusen

Atlanta, Oct. 21 – Romania and Colombia sold notes on Tuesday as investors kept an eye on Brazil, where the presidential election remained a tight contest.

In response, Brazil’s Petroleo Brasileiro SA weakened during the session, moving out about 16 basis points, while Brazil-based Vale SA’s bonds widened about 5 bps.

Other Latin American bonds were mostly quiet amid mixed flows, a New York-based trader said.

He had expected to see more yield-hunting investors shopping for names from the region, but buyers were somewhat scarce for names like Mexico’s Cemex SAB de CV.

From the Middle East, high-yield names “regained some of their footing after being very heavy last week,” a London-based trader said. “Perpetuals are a mixed bag again, although there was good buying of Emirates Islamic Bank and [Global Education Management Systems Ltd.].”

Bonds from Abu Dhabi Islamic Bank and Abu Dhabi-based Al Hilal Bank were softer, he said, while Saudi Electricity Co., Abu Dhabi National Energy Co. (TAQA) and International Petroleum Investment Co. were popular.

“Qatar’s long end is still very poor,” he said. “Bahrain’s 2044s are more balanced, having traded a few times between 102.375 and 102.50.”

In deal-related news, Poland’s Jastrzebska Spolka Weglowa SA (JSW) will set out on Wednesday for a roadshow to market a dollar-denominated issue of notes.

And Panama’s Global Bank Corp. is planning to hold a roadshow to market an issue of senior notes.

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