Emerging markets are quiet; ITNL Offshore taps bookrunners; Turk Eximbank sets price talk

By Aleesia Forni

Columbus, Ohio, April 13 - Emerging markets were down in equities, and credit was a little wider during a quiet day, according to a New York-based market source.

Trading was muted during the day as well, the source said.

"We didn't have any new issues on our side," the source said near the end of New York's session. "It was very quiet, and I think it's going to continue to be quiet next week."

Though the market was down slightly on the day, the source does not believe this will lead to "anything major" in the near future.

In the primary market, Export Credit Bank of Turkey AS set price talk for its seven-year notes, while IL&FS Transportation Networks Ltd.'s subsidiary mandated lead managers for its proposed bond offering.

Turk Eximbank notes

Turk Eximbank is planning an offering of seven-year senior benchmark notes, with price talk set at mid-swaps plus 462.5 basis points, according to market sources.

The deal is seeing a "great book in building," according to a London-based source.

However, the source said it believes price talk is about 25 bps too cheap.

Turk Eximbank is an Ankara, Turkey-based export credit agency.

ITNL Offshore bonds

Also in the primary, IL&FS Transportation's wholly owned subsidiary, ITNL Offshore Pte. Ltd., has mandated Deutsche Bank AG, Royal Bank of Scotland plc and UBS AG to act as joint lead managers for a proposed renminbi-denominated bond offering, according to an announcement filed with the Bombay Stock Exchange.

The Regulation S deal is expected to receive a BBB- rating from Fitch Ratings Ltd.

The issue is subject to market conditions.

IL&FS Transportation is a surface transportation infrastructure company based in Mumbai.

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