Vakifbank brings euro deal to primary; Uruguay launches global bond; Emaar notes widen

By Aleesia Forni

Virginia Beach, June 10 – Uruguay launched a $2 billion issue of global bonds on Tuesday during an active session for emerging markets bonds.

The space also saw Brazil’s Odebrecht Oil & Gas Finance Ltd. price $400 million of perpetual senior notes, while Turkiye Vakiflar Bankasi TAO (Vakifbank) was in the market a five-year offering of eurobonds.

In other news from that region, both Turkey’s Kuveyt Turk Katilim Bankasi AS and Cyprus mandated bookrunners ahead of planned bond offerings.

The primary also saw Dubai’s Emaar Malls Group, a subsidiary of Emaar Properties set price guidance for proposed dollar-denominated notes.

In the secondary market, Emaar’s existing 6.4% notes due widened about ¼ of a point on the offered side, a trader said.

“Very busy day with [a] balanced flow,” the trader said.

Christine Van Dusen contributed to this review.

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