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Morning Commentary: Turkey bonds edge lower; ProCredit on tap; Middle East widens
By Rebecca Melvin
New York, Oct. 17 – The Republic of Turkey’s newly priced 7¼% global fixed-rate senior notes due December 2023 traded slightly lower on Wednesday after the sovereign priced $2 billion of the notes at 98.917 on Tuesday, according to a London-based trader.
The new Turkey notes were quoted at 99.30 bid, 99.40 offered.
ProCredit Holding AG & Co. KGaA was in the market talking its euro-denominated sub-benchmark offering of three-year green bonds at a yield spread of mid-swaps plus 145 basis points.
The Regulation S deal was set to price on Wednesday.
In the secondary market, the Middle East credits widened out a bit in the early going after positive trading the previous session. On Tuesday, Saudi Arabia was 18 basis points tighter.
The benchmark 10-year Treasury bond was bid in the early going, sending the yield down to 3.157%.
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