New Ziraat Bank notes trade up; Bancolombia, Hungary set roadshows; Saudi Arabia on tap

By Rebecca Melvin

New York, Sept. 26 – Turkiye Cumhuriyeti Ziraat Bankasi AS’ newly priced 5 1/8% notes traded up to 100.5 on Tuesday after the Turkish bank priced $500 million of the six-year notes at par.

The Ziraat Bank bonds were driven up by a general recovery in emerging market risk following a weaker tone on Monday, MUFG Securities credit strategist Trieu Pham told Prospect News.

Elsewhere on Tuesday, Hungary was set to start a roadshow in Europe for a benchmark offering of euro-denominated 10-year notes, according to a market source.

BNP Paribas, Citigroup, Deutsche Bank and ING were arranging the meetings for the Regulation S offering beginning on Wednesday.

In Latin America, Bancolombia SA was also starting a roadshow for up to $1 billion of 10-year subordinated tier 2 notes.

Investor meetings were scheduled through Oct. 10 for Bogota, Los Angeles, Boston, Zurich, Geneva, Lima and Santiago.

Price talk emerged on Saudi Arabia’s planned dollar-denominated notes.

The 2023 tranche was being talked at a yield spread in the U.S. Treasuries plus 130 basis points area. The 2028 tranche was being talked at a yield spread of U.S. Treasuries plus 165 bps area, and the 2047 tranche of notes was being talked at a spread in the Treasuries plus 200 bps area.

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