Emerging markets mostly steady as currencies remain stable; Turkey’s Akbank improves

By Rebecca Melvin

New York, July 26 – Emerging markets debt was little changed on Thursday as currencies were mostly stable.

The U.S. dollar has flattened out recently, but market players are eyeing the potential for resurgent strength against the likes of the Argentine peso, Turkish lira, Brazilian real and Indonesian rupiah. That has kept the market rather muted although firm.

Among corporate credits, Akbank Turk AS’ 7.2% notes due 2027 was recovering on Thursday, edging up to 84.58, which was up about 40 cents, or 0.5%, on the day, with a yield that was around 12.5%.

Elsewhere in primary market action, the Philippines’ Asian Development Bank has priced a £150 million tap of its 1 3/8% notes due 2023 at 99.592, according to a release.

Sands China Ltd. said it plans to offer U.S. dollar-denominated notes under Rule 144A and Regulation S, with Barclays, Goldman Sachs & Co. LLC and Merrill Lynch, Pierce, Fenner & Smith Inc. as joint bookrunners of the deal.

And China Aoyuan Property Group Ltd. is proposing to issue additional dollar-denominated senior notes that will be consolidated and form a single series with the $250 million of 6.35% notes due Jan. 11, 2020 issued on Jan. 11, 2017.

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