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Credit Bank of Moscow leads Ziraat, KOKS out of new deal gate; Asian Development prices notes
By Colin Hanner
Chicago, April 27 Activity was consistent with the previous sessions in emerging markets, as new issues knocked out most of the new-deal pipeline in the Russian commonwealth.
Of the three that priced as of press time Credit Bank of Moscow saw the biggest deal with $700 million of perpetual bonds that priced at par, the company said.
The variety of new issues are meeting demand in emerging markets, a market source said, with investors overbooking deals by two- and threefold.
New issues are the easy option, and syndicate desks are using that to bring deals with minimal [new-issue premiums], a market source said.
Ankara, Turkey-based Turkiye Cumhuriyeti Ziraat Bankasy AS priced $600 million of 5 1/8% five-year notes at 99.457 to yield 5Ό%, a market source said.
Moscow-based coke and pig iron producer and miner, KOKS Finance DAC, priced $500 million of 7½% five-year notes at par on Thursday, a market source said.
The Asian Development Bank priced $4 billion of 1 5/8% three-year notes at 99.776, the company said.
Expected to close out the week in benchmark new issues in Eastern Europe is Kiev, Ukraine-based agriculture-industrial company, MHP SA, which is set to price dollar-denominated seven-year bullet notes on Thursday, a market source said.
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