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Morning Commentary: Turkey notes soften; Isbank suffers but outperforms Halkbank; CSN eyed
By Christine Van Dusen
Atlanta, March 24 – Bonds from Turkey were softer – with sovereign and bank curves better-offered – on a quiet Thursday morning for emerging markets assets, as investors planned to finish up early ahead of the holiday weekend.
“Rather quiet Thursday, as many take advantage of the Easter break to get away,” a trader said.
Turkey-based Turkiye Is Bankasi AS was in the news again after a court in Istanbul accepted an indictment of the bank’s chairman and 46 other defendants who have been accused of fuel smuggling.
Isbank is “starting to buckle under the weight of headlines,” he said, “but still outperformed [Turkey’s Turkiye Halk Bankasi (Halkbank)], where the spread to sovereign is already knocking at the wides.”
Investors were also keeping an eye on Brazil-based steel firm Companhia Siderurgica Nacional (CSN), which is planning to increase the price on flat steel by as much as 12% next month, according to a report from Schildershoven Finance BV.
“It could become a positive trigger for the company’s bonds, as CSN’s steel division is highly unprofitable at the moment,” the report said. “At the same time, iron ore subsidiaries generated some profit.”
The bonds could appeal to “extremely risky investors,” the report said.
Looking to Ukraine, sovereign bonds have “fluctuated around unchanged levels” this week, “with some better bids at the long end,” said Fyodor Bagnenko, a fixed income trader with Dragon Capital.
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