Vakifbank launches $650 million notes; Genneia prices tap; EM eyes upcoming Fed meeting

By Rebecca Melvin

New York, Jan. 23 –The Middle East region was more active on Tuesday joining in on what started off as a week initially focused on Emerging Europe & Central Asia.

Turkiye Vakiflar Bankasi TAO (Vakifbank) launched a dollar benchmark offering of five-year bonds to yield 5.85%, which was tighter than talk in the 6% area.

Other deals from the Middle East announced on Tuesday included Emirates Airline’s up to $1 billion sukuk, a deal for the Qatar National Bank being priced in Australian dollars, and one from Dubai’s Emirates NBD Bank, which mandated banks and will hold roadshow meeting in Switzerland starting Wednesday for a Swiss franc-denominated notes with intermediate maturity.

Meanwhile in Latin America, Argentina’s Genneia SA priced a $150 million reopening of its 8¾% notes due 2022 on Tuesday for a total deal size now at $500 million.

On tap for Wednesday is a $200 million offering of subordinated perpetual notes for Mexico’s Unifin Financiera, SAB de CV Sofom ENR.

There are also deals on the calendar for Latin America for Thursday including Natura Cosmeticos SA.

Looking ahead, the emerging primary market is expected to remain strong in the coming weeks even as eyes begin to turn to next week’s meeting of the Federal Reserve’s Open Market Committee set for Jan. 31 to Feb. 1.

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