Morning Commentary: Credit Bank of Moscow, Latvia notes to price; Turkey gives mandate

By Rebecca Melvin

New York, Feb. 12 – Activity in the emerging markets debt primary picked up on Tuesday with pricing expected on two deals for the Central & Eastern Europe region, and announcements for new deals for Turkey and word of a possible bond market debut for Emirates Development Bank.

Credit Bank of Moscow launched €500 million of 5.15% five-year notes after wrapping up roadshow meetings on Monday.

Final pricing hadn’t yet occurred by late morning in New York.

The deal represents the issuer’s first note in euros, so pricing was based on the weight of demand, a syndicate source said.

The Republic of Latvia was talking its planned benchmark euro-denominated offering of 30-year notes at a yield of low 70s basis points over mid-swaps, according to a market source on Monday.

The Republic of Turkey has selected banks to market a planned three-year Islamic bond, or sukuk, benchmark, but no timing for the deal accompanied the mandate, a syndicate source said.

Citigroup, KFH Capital and Standard Chartered Bank were mandated as bookrunners for the Rule 144A and Regulation S offering.

There was chatter on Tuesday regarding a possible debut of Emirates Development Bank in the international bond market, according to a market source.

The bank was expected to price a dollar-nominated notes offering this month.

The company provides financial services for industrial projects in the United Arab Emirates.

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