Yapi Kredi sells notes; Turkey bonds see activity; Lat-Am gets a boost; roadshow for Femsa

By Christine Van Dusen

Atlanta, March 1 – Turkey’s Yapi ve Kredi Bankasi AS (Yapi Kredi) sold notes on Tuesday as expectations rose for further quantitative easing in Europe and the market reacted to new stimulus and data in China.

In trading, two-way activity continued for Turkey’s banks and corporates, he said. “We are likely to see some issuance from banks in the near term.”

Indeed, Yapi Kredi brought its new deal on Tuesday, a $500 million issue of 8½% notes due March 9, 2026 that priced at 99.50 to yield 8 5/8%, following talk in the 8¾% area.

Meanwhile, Turkish sovereign bonds were seeing mostly bids during the day, another trader said.

In other trading on Tuesday, Azerbaijan continued to see two-way action, though the picture was softer than in previous weeks, another trader said.

And Pakistan remained in demand, he said, with the sovereign’s 2019 bonds squeezing higher.

From Latin America, bonds moved higher and tighter on Tuesday, with more institutional buying, which helped push bids higher, a New York-based trader said.

Mexico-based Cemex SAB de CV moved north, with “no real client buying to speak of” after “being stuck in the mud” on Monday, he said.

Also from the region, Mexico’s Fomento Economico Mexicano SAB de CV (Femsa) will set out on March 7 for a roadshow to market a euro-denominated issue of notes, a market source said.

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