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Turkey prices €1.5 billion notes; RusHydro, Baidu plan deals; Tocumen Airport prices tap
By Rebecca Melvin
New York, Nov. 7 – The Republic of Turkey woke up emerging markets debt on Wednesday with a new offering of euro-denominated 2026 notes. The new notes are coming to the market less than a month after the sovereign priced $2 billion five-year notes in the middle of October.
Turkey priced €1.5 billion of notes to yield 5¼%, or a yield spread of mid-swaps plus 456.4 basis points.
The market also eyed Russia’s PJSC RusHydro, which selected banks and has scheduled fixed-income investor meetings about ruble-denominated loan participation notes with a three-year to five-year maturity and a possible three-year renminbi-denominated “Dim Sum” loan participation note.
From the Middle East and Africa region, NMC Healthcare LLC announced a proposed dollar-denominated five-year note.
In Asia, Beijing-based web services company Baidu, Inc. announced it is offering two tranches of U.S. dollar-denominated notes, the company said in a regulatory filing.
In Latin America, Panama’s Aeropuerto Internacional de Tocumen priced a $650 million tap of its 6% notes due 2048. The tap followed on the heels of Brazil’s Suzano Papel e Celulose SA tap for $500 million of its 7% senior notes due 2047 on Tuesday. The new Tocuman notes were re-offered at 97.203 for a yield of 6¼%. The 7% Suzano notes priced at 101.842 to yield 6.85%.
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