Primary market hosts Ivory Coast deal; Russia reacts to downgrade; rumor swirls around Isbank

By Christine Van Dusen

Atlanta, Feb. 24 – Ivory Coast priced a new issue of notes on Tuesday as investors focused on the ratings downgrade in Russia, rumors about Turkey’s Turkiye Is Bankasi AS (Isbank) and remarks from the Federal Reserve.

Also on Tuesday, bonds from Asia were fairly active, with high-grade names closing unchanged to 3 basis points tighter, a trader said.

China-based Lenovo Group Ltd.’s 2019s traded up, as did Tencent Holdings Ltd.’s 2020s, he said.

“Lower crude overnight had zero impact to the China oil complex, with the sector closing 3 bps to 5 bps tighter,” he said. “Korea closed unchanged.”

Looking to Turkey, credit default swaps spreads opened 1 bp tighter on Tuesday. But the big intrigue so far this week has focused on Isbank, which saw its bonds widen by as much as 15 bps after a Twitter user named Fuat Avni said the lender was going to be seized by authorities.

In deal-related news, Kazakhstan’s JSC Eurasian Bank is looking to issue five-year notes, a market source said. And market sources were whispering about a possible issue of notes from India-focused Indus Gas Ltd.

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