Turkey, Mexico price 10-year notes; TSKB brings deal; Venezuela defaults on more notes

By Rebecca Melvin

New York, Jan. 9 – The emerging primary market remained strong on Tuesday with another handful of deals coming at terms that were mostly tight to initial talk.

“The market tone is a carryover from last year, with a push to get things done, and at competitive pricing,” a New York-based market source said.

Turkey announced and priced $2 billion of 10-year notes to yield 5.2%. The Securities and Exchange Commission-registered notes came at targeted price guidance via joint bookrunners Citigroup, Deutsche Bank Securities and HSBC and with a coupon of 5 1/8%.

Turkey’s Turkiye Sinai Kalkinma Bankasi AS priced $350 million of 5½% five-year notes at mid-swaps plus 325 basis points, which was the tight end of revised talk in the mid-swaps plus 340 bps area.

Mexico announced and priced €1.5 billion 1¾% notes due 2028 to yield mid-swaps plus 85 bps.

More Latin America deals were on tap for pricing on Wednesday including Rumo SA, Nemak SAB de CV and possibly Marfrig Global Foods SA, which wraps up a roadshow on Wednesday.

Meanwhile, Venezuela reached technical default on another bond after it failed to make a $45 million coupon payment for its 2020 global bonds on Monday, which marked the end of a 30-day grace period for the payment.

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