Turkey improves again; EM debt spreads mostly wider; Vivo Energy, Enel Chile on tap

By Rebecca Melvin

New York, May 30 – Turkey continued to improve on Wednesday as the broader markets regained their footing following a rout on Tuesday over fears about growing political risk in Italy and the future of the euro zone. Emerging markets debt was also mostly steady, but many issues were wider on spread, market sources said.

Turkey’s bonds fell sharply two weeks ago amid a plunge in the lira. On Wednesday the bonds continued their recovery, albeit by a lesser amount, following word on Monday that Turkey’s central bank moved to increase rates and simplify monetary policy to protect the lira.

Turkey’s 6 1/8% notes due 2028 were up 0.143 point to 96.49 at late morning. On Tuesday the bond gained 1.4 points to 96.285.

Meanwhile, Africa-focused Vivo Energy Investments BV announced an offering of five-year notes that are non-callable for two years or seven-year notes that are non-callable for three years.

JPMorgan and Societe Generale are the bookrunners for the Rule 144A and Regulation S deal.

Also announcing a deal was Enel Chile SA, which is planning dollar-denominated notes via joint bookrunning managers BBVA, Citigroup, JPMorgan, Morgan Stanley, Santander and Scotiabank.

The notes will be registered with the Securities and Exchange Commission.

Enel Chile is power generation and distribution company that is 61.9% owned by Italy’s Enel SpA.

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