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Morning Commentary: Ezdan Holding bonds up following decision to go private; Turkey banks higher
By Colin Hanner
Chicago, May 25 – Emerging markets were prepping for a lull in markets around the world on Thursday, with an upcoming three-day weekend in the United States, closures in Europe for Ascension Day for the latter part of this week and the Middle East beginning Ramadan on Friday.
“Expect tomorrow to be dead into the bank holiday weekend,” a market source said. “But if the tone in [U.S. Treasuries] holds, the supply taps will surely be open again next week.”
What was making news on Thursday was Qatar’s Ezdan Holding Group, whose equities plunged following the company’s decision to go private, a market source said citing media reports.
While the stock plunged several points, its 4 7/8% notes due 2022 were quoted at 100¾ bid, 101½ offered, a market source said, adding the notes were up 30 basis points on the week.
Elsewhere, Turkish banks opened firm, a market source said, with Ascension Day in Europe and the release of the Federal Reserve minutes on Wednesday “fueling the risk-on fire.”
Vakifbank, Turkiye Garanti Bankasi AS, Fibabanka and Ziraat Bankasi were all attracting solid support, a market source said.
In Latin America, things were also on the quiet end, with no new deals announced ahead, a market source said. A recent Bancomer BBVA $378 million dual-tranche deal was a “purely local,” the source added.
In Brazil, protestors have taken to the streets to force the resignation of its president, Michel Temer, after audio tapes surfaced that could link him to bribery.
“With Brazil political noise, things have gotten quieter,” a market source said of the broader market.
As recently as Wednesday evening, Brazilian troops were sent in to the protest sites to restore peace, several media sources reported.
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