Credit Bank of Moscow leads Ziraat, KOKS out of new deal gate; Asian Development prices notes

By Colin Hanner

Chicago, April 27 – Activity was consistent with the previous sessions in emerging markets, as new issues knocked out most of the new-deal pipeline in the Russian commonwealth.

Of the three that priced – as of press time – Credit Bank of Moscow saw the biggest deal with $700 million of perpetual bonds that priced at par, the company said.

The variety of new issues are meeting demand in emerging markets, a market source said, with investors overbooking deals by two- and threefold.

“New issues are the easy option, and syndicate desks are using that to bring deals with minimal [new-issue premiums],” a market source said.

Ankara, Turkey-based Turkiye Cumhuriyeti Ziraat Bankasy AS priced $600 million of 5 1/8% five-year notes at 99.457 to yield 5Ό%, a market source said.

Moscow-based coke and pig iron producer and miner, KOKS Finance DAC, priced $500 million of 7½% five-year notes at par on Thursday, a market source said.

The Asian Development Bank priced $4 billion of 1 5/8% three-year notes at 99.776, the company said.

Expected to close out the week in benchmark new issues in Eastern Europe is Kiev, Ukraine-based agriculture-industrial company, MHP SA, which is set to price dollar-denominated seven-year bullet notes on Thursday, 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.