Refinery explosion temporarily sidelines Tupras deal; Eurotorg roadshows dollar bond

By Paul A. Harris

Portland, Ore., Oct. 11 – An explosion at the Tupras Aliaga refinery in the western province of Izmir, Turkey, has temporarily sidelined a benchmark 10-year bond deal the refiner has been shopping to investors, a London-based trader said on Wednesday.

The deal, via HSBC, Citigroup and Standard Chartered bank, is expected to resurface in the near term, the trader said.

The refiner is in the market in an effort to refinance debt.

Market technicals remain favorable, the trader said.

A dispute stemming from the recent arrest of a Turkish employee of the U.S. consulate in Istanbul, related to last year’s failed coup attempt, appears to have been noted by investors, the trader said.

However the dispute has not had an adverse impact on prices, the source added.

Eurotorg roadshows bonds

Belarusian supermarket operator Eurotorg is running a global roadshow for $350 million of five-year eurobonds, according to market sources.

JPMorgan, Sberbank and Renaissance Capital are the bookrunners.

The company is headquartered in Minsk.

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