Morning Commentary: Turkey’s Vakifbank launches $650 million five-year bonds; Turkey credit stable

By Rebecca Melvin

New York, Jan. 23 – The Middle East region was more active on Tuesday joining in on what started off as a week initially focused on Emerging Europe & Central Asia.

Turkiye Vakiflar Bankasi TAO (Vakifbank) launched a dollar benchmark offering of five-year bonds to yield 5.85%, which was tighter than talk in the 6% area.

Turkey’s currency was stable and the price of a recently priced Turkish sovereign note due 2028 was up on Tuesday and trading with an indicated yield of 5.32%, which was 2 basis points lower on the day.

The sovereign’s 2028 notes priced with a spread of Treasuries plus 267 bps and was currently Treasuries plus 270 bps, so steady at mid-market around reoffer on a credit spread basis, a market source said.

There were other deals being announced on Tuesday, including an Emirates Airline Sukuk and a deal for the Qatar National Bank being priced in Australian dollars.

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