New deals from TDB, Chexim; Turkey tightens; Brazil, ADB, Akbank take steps toward primary

By Christine Van Dusen

Atlanta, March 7 – The Eastern and Southern African Trade and Development Bank (TDB) and Export-Import Bank of China (Chexim) sold notes on a Tuesday that saw spreads tighten for Turkey and better selling for bonds from Pakistan.

Also on Tuesday, several issuers advanced deals, including Brazil, African Development Bank and Turkey’s Akbank TAS.

In addition, Kuwait’s Warba Bank set talk at 6½% to 6 5/8% for a perpetual issue of $250 million of Islamic bonds, a market source said.

India’s Eros International Media Ltd. set talk in the 8¼% area for a five-year issue of dollar-denominated notes, a market source said.

Looking to Turkey, spreads narrowed 4 basis points to 6 bps as the Central Bank continued to squeeze liquidity by pushing up the average cost of funding for banks, a London-based trader said.

From Hungary, some bonds were strong, he said.

Pakistan saw better sellers on Tuesday, he said.

In trading from the Middle East, Oman’s bonds were active but the 2047s saw early sellers as rates leaked wider, he said.

“The belly feels firm there,” he said. “Qatar’s long end feels a touch heavy for choice alongside the [Ooredoo] curve, which has seen Asia sellers in.”

Bahrain’s curve was mixed, with buyers for the front end and two-way in the belly of the curve, he said.

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