China Jinmao sells notes; investors eye Fed minutes; Yapi Kredi trades; roadshows underway

By Christine Van Dusen

Atlanta, Feb. 22 – China Jinmao Holdings Group Ltd. priced notes on Wednesday amid tighter spreads for emerging markets assets and brisk activity for the new issue from Turkey-based Yapi ve Kredi Bankasi AS (Yapi Kredi).

Also on Wednesday, Russian Railways JSC and Helios Towers Africa LLP were on roadshows for new deals, and Singapore’s United Overseas Bank Ltd. prepped two tranches.

Russian Railways is on a roadshow for a possible issue of euro- and ruble-denominated notes, a market source said.

Helios Towers Africa is on a roadshow for a possible issue of dollar-denominated notes due in five years, a market source said.

Singapore’s United Overseas Bank is planning to price a two-tranche issue of dollar-denominated notes due in three years and euro notes due in five years, according to a company filing.

For the most part, though, investors were focused on the Federal Reserve, which in its latest minutes indicated that a rate hike could take place sooner than expected.

In deal-related news, Turkey’s Yapi Kredi saw its new $600 million issue of 5¾% notes due 2022 – which priced Tuesday at par to yield Treasuries plus 383.7 basis points – bring in more than $2 billion of orders, a trader said.

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