Emerging markets debt quiets into weekend; U.S. tax bill vote eyed; Turkey opens wider

By Rebecca Melvin

New York, Dec. 1 – Emerging debt market players were watching developments on a variety of fronts on Friday as trading slowed on the last day of the trading week and the first day of the month.

The Rio Negro province of Argentina priced $300 million of eight-year notes at par to yield 7¾% late Thursday.

In addition to focus on the passage of a U.S. tax reform bill, there were economic productivity reports from various countries including Brazil, which saw weaker growth of just 0.1% for the third quarter.

Elsewhere, spreads on Turkey’s credit opened 2 basis points to 5 bps wider as the Iran sanctions evasion court case continued in New York.

The bonds of Akbank TAS, which is the nation’s largest publicly traded lender along with Turkiye Garanti Bankasi AS, remained quiet on Friday after a jump on Thursday.

The Akbank 5% notes due 2022 stood at 99.65 which was unchanged on the day after shooting up 0.35 point on Thursday, and the Akbank 5 1/8% notes due 2025 remained unchanged at 96.55 after surging on Thursday by 0.57 point.

For next week, there are more Latin America deals on the calendar, including ones from Brazil’s Gol Linhas Aereas Inteligentes SA, Argentina’s Tecpetrol SA and Mexico’s Infraestructura Energetica Nova SAB de CV, or IEnova.

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