Morning Commentary: Turkey launches €1.5 billion 2026 notes; RusHydro, NMC plan deals

By Rebecca Melvin

New York, Nov. 7 – The Republic of Turkey woke up emerging markets debt on Wednesday with a new offering of euro-denominated notes due 2026. The new notes are coming to the market less than a month after the sovereign priced $2 billion of five-year notes in the middle of October.

Turkey launched €1.5 billion of the notes yield 5¼%, which represented pricing that was tightened from initial price talk in the area of 5½%.

The Securities and Exchange Commission-registered global offering is being sold via joint bookrunners BNP Paribas, HSBC and ING.

The market also eyed Russia’s PJSC RusHydro, which selected banks and has scheduled fixed-income investor meetings for ruble-denominated loan participation notes with a three-year to five-year maturity and possible three-year yuan-denominated “Dim Sum” loan participation notes.

The Regulation S notes are being sold via Gazprombank, JPMorgan, Sberbank CIB and VTB Capital.

From the Middle East and Africa region, NMC Healthcare LLC, a subsidiary of NMC Health plc, announced a proposed dollar-denominated offering of five-year notes.

HSBC and Standard Chartered Bank are joint global coordinators and joint lead managers along with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Bank ABC, Barclays, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank and Noor Bank as joint lead managers.

The Abu Dhabi-based health care chain and distribution company does business in the United Arab Emirates.

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