Kexim eyes dollar deal; Turkcell bonds widen; Russia’s Norilsk Nickel notes firm

By Aleesia Forni

Virginia Beach, Oct. 9 – Korea Export-Import Bank announced new deal plans on Friday, closing out a “tricky week” for the market ahead of the long holiday weekend for the United States.

The Seoul, South Korea-based lender is on a roadshow this week ahead of a possible dollar bond offering.

In trading from that region, Asian credit spreads firmed around 5 basis points to 10 bps on the day, a market source said.

And the recent $500 million 5¾% bonds priced by Turkey’s Turkcell Iletisim Hizmetleri AS traded around 7 basis points wider, a market source said.

The notes due 2025, which sold at Treasuries plus 387.8 bps, were quoted at 395 bps bid late Friday.

In another recently priced deal, Russia’s OJSC MMC Norilsk Nickel saw its 6.625% seven-year notes trade around 7 bps better at 472 bps bid.

And from the Middle East, Dubai-based Damac Real Estate Development Ltd.’s 4.97% five-year notes that priced at par were trading at 99 during the session.

“High-yield names dicey at best, with liquidity tricky,” a market source said.

The source also noted that Saudi Electricity Co.’s bonds due 2043 were trading around 20 bps wider on the month, while Dar al-Arkan Holding’s 2018s were seen regaining some momentum to tighten by 25 bps on the week.

“Perpetuals still trading well,” the source said, noting demand for bonds from Abu Dhabi.

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