Investors digest Saudi Arabia mega-deal; Isbank ticks up; Jordan, Banco Macro, Cell C ahead

By Christine Van Dusen

Atlanta, Oct. 24 – Emerging markets investors on Monday remained focused on Saudi Arabia after the sovereign’s historic $17.5 billion issue of notes, which flooded the market with supply.

“We are looking into a busy week with a decent amount of macro data, Fed-speak and geopolitical events,” a London-based analyst said. “Markets have started to digest the huge amount of issuance last week, notably after Saudi Arabia finally concluded its debut bond transaction.”

Looking to other new deals, the notes from Turkey’s Turkiye Is Bankasi AS (Isbank) – $600 million 5½% notes due 2022 that priced at par – saw demand on Monday, a trader said.

The notes were seen on Monday at 100.12 bid, 100.37 offered.

Investors were keeping an eye on Turkey-based Akbank TAS, which on Friday reported a profit that matched consensus and reflected an environment that continues to be benign for most lenders, the analyst said.

In deal-related news, Jordan set the tenor at 10¼ years for its upcoming issue of dollar-denominated senior notes.

Argentina’s Banco Macro SA is planning to offer up to $400 million of notes due 2026 during the fourth quarter.

And South Africa’s Cell C (Pty) Ltd. is looking to issue $600 million of notes due in 2021 (/B/).

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