GarantiBank, Afreximbank notes dip; Novatek, Bank Asya selling some assets

By Christine Van Dusen

Atlanta, July 2 – Turkey’s Turkiye Garanti Bankasi (GarantiBank)’s new issue of notes suffered in trading on an otherwise firm Wednesday for emerging markets assets, even as investors focused on the continuing conflict in Iraq and extremist activity in East Syria.

Garanti’s new deal – a €500 million issue of 3 3/8% notes due 2019 that priced at 99.436 to yield 3˝% – opened down 50 cents on Wednesday morning, a London-based analyst said.

Cairo-based African Export-Import Bank’s (Afreximbank) 2018s also fell in trading, moving down about 4 points since a downgrade from Standard & Poor’s.

Russia’s OAO Novatek received some attention on Wednesday on the news that the independent gas producer could be selling as much as $3 billion-worth of its assets, the analyst said.

Also on Wednesday, Indonesia launched a $1 billion issue of notes due in seven years at mid-swaps plus 195 bps.

And Chile-based utility company Colbun SA talked a $500 million issue of 10-year notes in the Treasuries plus 205 bps area.

Late on Tuesday, Peru’s InRetail Shopping Malls priced a $350 million issue of 6˝% notes due July 9, 2021 at 99.309.

One trader was eyeing Turkey’s Asya Katilim Bankasi AS (Bank Asya), which is following through on plans to sell stakes in two of its units.

© 2015 Prospect News.
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