Bahrain issues notes; Yapi Kredi, Oman, KDB, Slovenia on deck; Dubai firms, Egypt tightens

By Christine Van Dusen

Atlanta, Feb. 21 – Bahrain priced notes on a post-holiday Tuesday that was slightly busier and firm for many emerging markets assets.

“With the U.S. being out for Presidents’ Day yesterday, markets followed developments in the European Union and euro zone,” a London-based analyst said. “Among the upcoming elections, the French ones are undoubtedly in the spotlight, with right wing, anti-status quo candidate Le Pen seen gaining further ground against the establishment.”

In other news, the euro-area finance minister met with officials from Greece to discuss its bailout plan.

Also this week, Mongolia received a $5.5 billion bailout from international lenders, with $440 million of it from the IMF.

In trading, “Dubai names were firm again,” a trader said. “Ongoing demand for Lebanon. Egypt demand into the close goes out 4 basis points to 5 bps tighter.”

Said the analyst, “Eventful day and a slight pick-up in supply and chatter. Perpetuals were a mixed bag but two-way.”

In deal-related news, Turkey’s Yapi ve Kredi Bankasi AS (Yapi Kredi) advanced a dollar deal, Oman lined up its own issue, Korea Development Bank planned two tranches and Slovenia prepped a euro-denominated transaction.

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