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Primary sees Kexim, Access Bank; oil reverses recent gains; Turk Telekom eyed; roadshows ahead
By Christine Van Dusen
Atlanta, Oct. 13 – Export-Import Bank of Korea (Kexim), Netherlands-based Cable Communications Systems NV, Modern Land (China) Co. Ltd., Nigeria’s Access Bank plc and Panama’s Global Bank Corp. sold notes on Thursday as investors digested the Federal Open Market Committee’s minutes and oil prices reversed some gains amid continuing doubts about an agreement to curb production levels.
Investors were also keeping an eye on Turkey-based Turk Telekomunikasyon AS (Turk Telekom), which has missed a payment on a syndicated loan.
In trading, the new deal from Abu Dhabi National Energy Co. (TAQA) – $750 million of taps of its notes due 2021 and 2026 – saw some activity on Thursday.
Export-Import Bank of Malaysia Bhd. (EXIM Bank) set guidance at Treasuries plus 120 bps to 125 bps for a $500 million issue of five-year notes (expected ratings: A3//A-), a market source said.
China Construction Bank Corp. set talk in the Treasuries plus 110 bps area for a dollar-denominated and benchmark-sized issue of notes due in five years, a market source said.
In other deal-related news, Chile’s Enersis Americas SA will set out on Oct. 17 for a roadshow to market a dollar-denominated issue of notes, a market source said.
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