Asian issuers set roadshows; EM weakens ahead of Fed, Brexit decision; Lat-Am names decline

By Christine Van Dusen

Atlanta, June 13 – Several Asian issuers – including Indonesia and South Korea’s KT Corp. – advanced deals on a weaker Monday for emerging markets bonds, as investors awaited the Federal Reserve’s meeting and the United Kingdom’s decision on whether to remain in the European Union.

“Another weak session for global risk assets, as looming upcoming events continue to hang over markets,” a trader said.

Latin American corporate bonds were very quiet on Monday morning, with “some credits stuck in neutral,” a New York-based trader said.

Others, like Mexico-based Cemex SAB de CV and Brazil-based Vale SA, moved lower on little volume and inquiry.

In deal-related news, China’s Agricultural Bank of China Financial Leasing Co. Ltd. set talk for a dollar-denominated issue of benchmark-sized notes due in five years in the Treasuries plus 150 bps area, a market source said.

Indonesia set talk for a two-tranche issue of samurai bonds due in three and five years, a market source said.

South Korea’s KT will set out on June 16 for a roadshow to market a possible issue of notes, a market source said.

China’s Bank of Communications Financial Leasing Co. Ltd. is planning to hold a roadshow in June for a dollar-denominated issue of notes, a market source said.

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