LatAm credits better bid as primary picks up
By Davide Scigliuzzo
NEW YORK, Feb 26 (IFR) - Latin American credits ended Thursday's busy trading session better bid, with most sovereigns closing tighter in spread as US Treasuries sold off.
With the exception of Brazilian bonds, which were ending the day some 6bp to 8bp wider, Peru and Uruguay saw their spreads tighten by 3bp to 5bp, said a sovereign bond trader in New York.
"Everything except for Brazil is trading okay," said a sovereign bond trader in New York.
Argentine bonds and warrants were also in strong demand, after the banks hired to sell a reopening of its Bonar 2024s decided to put the deal on hold following a US court order to hand over documents about the sale.
The existing 2024, which on Wednesday slid one point in expectation of new supply, was back to 105.40-105.75, close to recent highs.
"I guess people are not expecting new supply to come any time soon," said the trader.
Among corporates, Petrobras kept losses contained as its curve ended the day just 2bp to 3bp wider in spreads on average, according to a second New York trader.
"It's been a busy day in general and people are still demanding stuff," he said. "The market was strong." Continuación...