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Primary sees RioPrevidencia, Turk Telekom price; recent deals from Emaar, Etisalat move up
By Aleesia Forni
Virginia Beach, June 12 – New deals from Brazil’s RioPrevidencia, Oversea-Chinese Banking Corp. Ltd. and Turkey’s Turk Telekomunikasyon AS came to the primary market on Tuesday during another strong session for emerging markets.
These new trades attracted solid demand, with all three deals pricing tighter than initial guidance.
RioPrevidencia sold $2 billion of 6¼% 10-year notes at 99.998.
Oversea-Chinese Banking priced $1 billion of 4¼% 10-year tier 2 subordinated bonds (expected: A2/BBB+/A+) at 99.108 to yield 4.361%.
And Turk Telekomunikasyon priced a $500 million tranche of 3¾% five-year notes at 99.612 to yield 3.836%, or mid-swaps plus 210 bps, and a second tranche of $500 million 4 7/8% 10-year bonds priced at 99.165 to yield 4.982%, or mid-swaps plus 230 bps.
In other primary news on Thursday, Mexico’s Grupo Bimbo SAB announced plans to begin a roadshow in the week ahead, a source said.
Goodman HK Finance also joined the forward calendar on Thursday, announcing price talk for a planned dollar deal.
In secondary action, a trader quoted Dubai’s Emaar Malls Group’s new notes up about ½ a point, while Abu Dhabi’s Etisalat new four-tranche deal traded up ½ to 1½ points in the secondary market.
Both deals priced during Wednesday’s session.
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