Akbank, Warba Bank issue notes; Gazprom sets roadshow; trading for TDB notes picks up

By Christine Van Dusen

Atlanta, March 8 – Turkey’s Akbank TAS and Kuwait’s Warba Bank sold new notes – while Russia-based Gazprom OJSC set a roadshow and trading picked up for Burundi’s Eastern and Southern African Trade and Development Bank (TDB) – on a challenging Wednesday for emerging markets assets.

“Market context has certainly not been helpful, with rates selling off and the emerging markets currencies weakening,” a London-based trader said.

TDB’s new deal – $500 million 5 3/8% notes due 2022 that priced at 99.46 to yield 5½% – drew a final order book of more than $2.2 billion from more than 200 accounts, a syndicate source said.

On Wednesday, the notes were seen during the European morning at 99¾ bid, 99.95 offered, then moved to 99.80 bid, 100.05 offered.

Meanwhile, Russia’s Gazprom announced that it would set out next week for a roadshow to market a dollar-denominated issue of benchmark-sized notes.

In its new deal, Turkey’s Akbank priced a $500 million issue of 7.2% notes due March 16, 2027 at par to yield 7.2%, or mid-swaps plus 502.6 basis points, a syndicate source said.

Also on Wednesday, Kuwait’s Warba Bank priced $250 million 6½% perpetual Islamic bonds at par to yield 6½%, or mid-swaps plus 437.4 bps, a market source said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.