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Halkbank and upcoming deal eyed after exec’s arrest; EM trading mixed; AFC markets notes
By Christine Van Dusen
Atlanta, March 28 – On a mixed Tuesday for emerging markets assets, Turkey-based Turkiye Halk Bankasi AS (Halkbank) was eyed after a top banker at the company was arrested in the United States.
The news had investors wondering whether Halkbank’s upcoming dollar-denominated issue of benchmark-sized notes due in 10 years could be derailed.
Meanwhile, other emerging markets names continued to chug along.
“Yesterday was a day of reflection rather than action as accounts were more inclined to see if the United States Treasury rally held than take advantage of the spread widening,” a London-based trader said. “That was certainly the reason for the slow book build of the National Bank of Abu Dhabi five-year seniors.”
Investors were also keeping an eye on South Africa, where Finance Minister Pravin Gordhan was expected to be fired.
Looking to Asia, the session was mixed and range-bound for investment-grade corporate bonds, a trader said.
“Today sees spreads from unchanged to 1 bp tighter, in general, but once again activity is limited to a handful of names,” he said.
Financial names were firm, another trader said, with spreads 1 bp to 2 bps tighter.
In deal-related news, Nigeria’s Africa Finance Corp. (AFC) will set out on Thursday for a roadshow to market a dollar-denominated issue of benchmark-sized notes due in up to 10 years, a market source said.
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