Saudi Arabia, Turkey issues firm in secondary; Pemex, Mexico visit New York investors

By Paul A. Harris

Portland, Ore., Jan. 10 – Deals priced Wednesday by Saudi Arabia and the Republic of Turkey were in decent shape in the Thursday secondary market, according to a market source in New York.

Turkey's new 7 5/8% long 10-year notes (Ba3//BB) were flat to slightly better in Thursday trading, up 1/8 point at 99 5/8 bid, the market source said.

The $2 billion issue priced Wednesday at 99.555 to yield 7.68%, tight to yield talk in the 7 7/8% area.

Sovereign issues from Brazil and Mexico were better on the day; however, both were being outperformed, to a certain extent, by Argentina, the source said.

Argentina's bonds maturing in 2028 were 77 bid on Thursday, versus 72 bid at the beginning of the year.

Meanwhile, the new issue market went quiet on Thursday and could stay that way ahead of Tuesday's Brexit vote in the British Parliament.

Nevertheless Petroleos Mexicanos SAB de CV and Mexico paid visits to investors in New York on Thursday, likely feeling out the market ahead of near-at-hand deals, the source said, adding that both typically issue in January.

Mingfa Group (International) Co. Ltd. made available a prospectus on Thursday for a $200 million amount of 15% one-year unsubordinated unsecured bonds that it intends to issue on Friday in a private placement-style execution.

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