Turk Eximbank prints notes; Saudi Arabia sets talk; Jordan on deck; Kuveyt Turk plans roadshow

By Christine Van Dusen

Atlanta, Oct. 18 – Turkey’s Export Credit Bank of Turkey SA (Turk Eximbank) sold notes on Tuesday as investors awaited the new deal from Saudi Arabia, which released guidance, and kept an eye on Jordan.

“EM has certainly benefitted from a strong momentum in the third quarter, but sentiment has recently become slightly more sluggish as central bank actions, political events and a busy EM pipeline loom,” a London-based analyst said.

Looming large is the massive deal planned by Saudi Arabia. The sovereign on Tuesday set talk for a three-tranche issue of benchmark-sized and dollar-denominated notes due in five, 10 and 30 years.

The five-year notes were talked at a spread in the Treasuries plus 160 basis points area. The 10-year notes were talked at a spread in the Treasuries plus 185 bps area. And the 30-year notes were talked at a spread in the Treasuries plus 235 bps area.

The news on the Saudi Arabia deal sent Saudi Electricity Co.’s 2043s and 2044s jumping almost four points, a trader said. The 2044s were seen at 103.25 and the 2043s at par.

In other news from Turkey, Turkey’s Kuveyt Turk Katilim Bankasi AS will set out on Thursday for a roadshow to market a dollar-denominated issue of Islamic bonds, a market source said.

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