Turkey softens, EM remains strong overall; Russia’s PhosAgro, Brazil’s Hidrovias on tap

By Rebecca Melvin

New York, Jan. 16 – Turkish sovereign and bank debt was weaker on Tuesday but the overall emerging markets continued to perform very well, a London-based market source said.

A little bit of softness was seen in Tuesday’s market around Turkey credits after Turkish President Tayyip Erdogan said that Turkey planned an imminent intervention in the Kurdish-controlled enclave of Afrin in northern Syria, London-based market sources said.

The market was awaiting more new issuance, which has been slower to gather steam in most regions other than Latin America.

On Wednesday a deal from Moscow-based chemical holding company PhosAgro is expected following investor meetings that wrapped up on Tuesday. PhosAgro has proposed an issue of dollar-denominated loan participation notes.

But nothing further was heard on deals expected this quarter from Qatar, Abu Dhabi and Saudi Arabia.

In Latin America, Hidrovias International Finance Sarl, a subsidiary of the Brazilian inland waterway services company Hidrovias do Brasil SA, was expected to price on Wednesday dollar-denominated seven-year senior notes. The planned deal size of the BB Fitch-rated notes was still not known.

Also on the calendar is a deal from Mexico’s Unifin Financiera, SAB de CV Sofom ENR, but pricing of that deal was not expected until next week following investor meetings expected to wrap up on Jan. 23.

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