Morning Commentary: Koc Holding talks six-year notes; India’s Jubilant Pharma prices

By Rebecca Melvin

New York, March 5 – Emerging markets debt was lackluster on Tuesday with bonds mixed to lower in trade.

Turkey’s industrial conglomerate Koc Holding AS was in the market talking dollar-denominated six-year notes, but Turkey’s sovereign curve was decidedly lower in price in the secondary market and the lira remained weak against the U.S. dollar.

Initial price talk for the Koc notes was for a yield 6 7/8% to 7%. The pricing was expected to tighten up before final terms were expected to be set later in the session.

There was no word on other deals in EM debt outside of Asia. But from India the Export-Import Bank of India was heard to be planning dollar-denominated senior notes, while pricing emerged for India’s Jubilant Pharma Ltd. The pharmaceutical and life sciences company priced $200 million of 6% unsecured bonds due March 2024 at par.

The Regulation S notes were sold via bookrunners DBS Bank Ltd., J.P. Morgan (SEA) Ltd. and UBS AG, Singapore branch.

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