Turkey’s Sisecam, Quito Airport price; secondary weaker as investors eye growth

By Rebecca Melvin

New York, March 8 – Emerging-markets debt market saw further new supply on Friday from Turkiye Sise ve Cam Fabrikalary AS with $550 million of 6.95% seven-year notes and Corporacion Quiport SA with $400 million of 12% notes due 2033.

Turky’s Sisecam deal priced at par late Thursday and Quito Airport priced at par on Friday.

Turkey’s Yapi ve Kredi Bankasi AS (Yapi Kredi) was also expected to price $500 million of five-year notes to yield in the 8¼% area, but final terms were not heard by Prospect News’ deadline.

Neither were terms heard for Russia’s EuroChem Group AG, which was expected to price a U.S. dollar-denominated benchmark offering of five-year notes. But the Moscow-based fertilizer company announced on Thursday the results for its tender of dollar 2020 and 2021 notes was completed. Holders tendered $375,872,000 of the 2020 notes and $371,954,000 of the 2021 notes. Both issues were $500 million in size.

In the secondary market, bonds were under pressure as investors eyed negative economic data and news, including the U.S. jobs report for February on Friday, which showed nonfarm payrolls rose a seasonally adjusted 20,000 for the month, the slowest monthly hiring pace since September 2017. While the low number potentially portends slowing economic activity, the unemployment rate dropped to 3.8% in February from 4%.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.