Primary sees deals from Krung Thai, Kuveyt Turk, CCB; Isbank active; issuers line up roadshows

By Christine Van Dusen

Atlanta, June 19 – Thailand’s Krung Thai Bank PCL, Turkey’s Kuveyt Turk Katilim Bankasi AS and China Construction Bank (Asia) Corp. Ltd. printed new issues on a positive Thursday, buoyed by the previous day’s news that U.S. interest rates are likely to stay low.

“Russia ‘30s are up a ˝ point, for example, while Turkey also feels strong. Financials are 1 basis point to 2 bps tighter, in general,” a London-based analyst said.

In other trading, Turkiye Is Bankasi AS’ (Isbank) new $750 million 5% notes due June 25, 2021 that priced at 98.689 were active on Thursday morning, the analyst said.

“But trading is still relatively flat, in spread terms,” she said.

In deal-related news, numerous issuers announced or nearly concluded roadshows for upcoming deals, including Russia’s OAO Sberbank, Bulgaria, Turkey’s Turkiye Cumhuriyeti Ziraat Bankasy AS (Ziraat Bank), Indonesia’s PT Pakuwon Jati Tbk, Poland’s Powszechny Zaklad Ubezpieczen SA (PZU) and Brazil’s OAS SA.

And aluminum-products manufacturer China Hongqiao Group Ltd. set talk at 7 5/8% for a benchmark-sized issue of dollar-denominated notes due in three years, a market source said.

“The primary market is in full swing,” the analyst said. “This surge of supply may raise concerns that the market is nearing its peak, however.”

© 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.