Yapi Kredi prices on strong backdrop; Turkey keeps rates unchanged; Asia sees debut issues

By Colin Hanner

Chicago, June 15 – The emerging market primary space continued to have a “steady pace of supply coming to market,” a market source said, on the back of a Federal Reserve hike on Wednesday.

And, though oil prices have been the culprit of movement in global markets as of late, “there has been no spillover on [emerging market] credit,” a market source said.

“[Emerging markets] certainly continues to benefit from the supportive market backdrop,” another source said, citing Yapi ve Kredi Bankasi AS’ (Yapi Kredi) return to the primary market just a week after selling a lira-denominated issue.

The Istanbul-based lender sold $500 million seven-year notes (Ba1//BBB-) at par to yield 5.85% late Wednesday, a market source said.

In the secondary market on Thursday, the new Yapi Kredi issue was up ˝ point to 100˝, a market source said.

The Central Bank of Turkey kept interest rates unchanged on Thursday, in line with expectations on the back of data that shows “recovery in the economic activity has gained pace,” the bank said in a news release.

“The central bank is in a somewhat comfortable position given the very strong market backdrop,” a market source said.

In deal-related news, China’s Tunghsu Group Co., Ltd. and India’s Mphasis both debuted in international markets with issues on Wednesday and Thursday, market sources said.

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