Morning Commentary: Turk Exim Bank, Chile’s ENAP to price; secondary ‘moderately busy’

By Rebecca Melvin

New York, Sept. 11 – Emerging markets were eyeing two deals expected to price during Monday’s session including Turkey’s state-owned export-import bank, Turkiye Ihracat Kredi Bankasi AS, which was pricing $500 million of five-year notes talked to yield mid-swaps plus 262.5 basis points, and Empresa Nacional del Petroleo’s long-dated benchmark offering of dollar-denominated notes, according to market sources.

A syndicate source wouldn’t comment on ENAP’s deal size or initial price talk but confirmed that pricing was set for Monday. Bookrunners of the Santiago-based energy company are BofA Merrill Lynch, Citigroup and JPMorgan.

The Turk Eximbank notes (expected ratings: Ba1//BB+) were being sold via bookrunners Citigroup, HSBC, ING, Mediobanca, Mizuho Securities and MUFG.

Price guidance was tightened from initial talk in the 287.5 bps area.

The secondary market in the Central & Eastern Europe, Middle East and Africa was “moderately busy,” a London-based trader said, with prices adjusting downward in tandem with a move lower in U.S. Treasuries, but spreads were holding in.

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