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Morning Commentary: New Finansbank trades higher before profit-taking; Halkbank waives new deal
By Colin Hanner
Chicago, May 12 – With no new issuance expected from emerging markets on a week where there was plenty coming through the pipeline, Turkey’s Finansbank initially traded higher in Friday’s session, a market source said.
Reduced flows characterized the market throughout the day in Europe and further east, a market source said, though the Finansbank’s newly-priced $750 million of 4 7/8% five-year notes was driven higher by demand and was seen at a 100¼ handle, up from its initial pricing at 99.671.
The deal came to market on Thursday at a yield of 4.95%.
Soon after touching that peak in trading the notes pulled “back on some fast money profit taking,” a market source said.
Elsewhere, long bonds from Saudi Arabia and Abu Dhabi were gaining some attention, a market source said, in line with the tightening in U.S. Treasury yields towards the 3% area. On Friday morning, the yield fell to 2.998% in response to retail sales data from the United States came in below expectations.
In the geopolitical sphere, news remained calm compared to other weeks, as Nigeria rolled out a fiscally-boosted budget on Thursday.
And several countries, Egypt, Oman and Ukraine, among them, are expected to receive new ratings.
“It has been a fairly calm week with relatively little news flow,” a market source said, adding that the biggest story to hit headlines was the firing of Federal Bureau of Investigation director James Comey and the continued fallout from his removal.
Halk Banksi cancels deal
State-owned Turkish bank Turkiye Halk Bankasi AS (Halkbank) was expected to issue a dollar-denominated Basel-III eligible tier 2 transaction but has now withdrawn its plan to do so, a market source said.
The cancellation comes in the wake of the March arrest of Mehmet Hakan Atilla, Halkbank’s deputy chief executive officer, who was held in the United States on charges of violating sanctions against Iran.
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