IDBI issues notes; Albaraka Turk, New Europe advance deals; trading quiet ahead of holiday

By Christine Van Dusen

Atlanta, Nov. 23 – India’s IDBI Bank Ltd. sold notes on a relatively quiet Monday for emerging markets assets, as investors looked ahead to the Thanksgiving holiday in the United States.

“We expect a relatively quiet week for markets as the U.S. heads into the Thanksgiving holiday and as markets are priced for major monetary policy actions in December,” according to a report from Barclays Capital.

Still, some issuers managed to advance deals on Monday, including Turkey’s Albaraka Turk Katilim Bankasi AS and New Europe Property Investments plc.

Also on Monday, Hungary received some attention after Fitch Ratings affirmed the sovereign’s rating at BB+ with a positive outlook, which means the sovereign “has lost the last chance to get the investment grade rating this year,” according to a report from Schildershoven Finance BV.

In other news, bonds from Bulgarian telecommunications company Vivacom are not expected to react strongly to the news that a Bulgarian businessman has bought the company and agreed to take on €400 million of its debt, Schildershoven said.

Market-watchers were also keeping an eye out for Turkey’s Kuveyt Turk, which on Friday finished a roadshow for an issue of notes that is expected to come to the market this week.

And trading of Latin American bonds was “very quiet,” a New York-based trader said, with “Brazil opening a bit lower. The rest seems unchanged in price, so slightly tighter.”

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