Mexico, Jordan print bonds; Turkish banks advance deals; Saudi Arabia sees demand

By Christine Van Dusen

Atlanta, Oct. 25 – Mexico and Jordan sold notes and Turkey's Kuveyt Turk Katilim Bankasi AS and Sekerbank TAS advanced deals on a Tuesday that saw mostly positive sentiment for emerging markets assets as investors continued to chew on the $17.5-billion megadeal from Saudi Arabia.

“Following strong global manufacturing PMI data set for the month, futures have started to price in a probability for a Fed hike in December above 70%,” a London-based analyst said. “The overall sentiment remains solid, which has lured further issuers to move forward with their planned bond transactions.”

In trading, Saudi Arabia’s new $5.5 billion 2 3/8% notes due in 2021 that priced at 99.007 to yield 2.588%, or Treasuries plus 135 bps, traded flat to Monday, at 99.75 bid, 99.85 offered.

The $5.5 billion 3¼% notes due in 2026 that priced at 98.679 to yield 3.407%, or Treasuries plus 165 bps, on Tuesday traded at 99.53 bid, 99.63 offered after Monday’s 99.65 bid, 99.75 offered.

And the $6.5 billion 4½% notes due in 2046 that priced at 98.015 to yield 4.623%, or Treasuries plus 210 bps, traded at 99.63 bid, 99.88 offered after Monday’s 99.70 bid, 99.95 offered.

Investors were also keeping an eye on Venezuela-based PDVSA, which announced that holders of 39% of the company’s debt due 2017 agreed to swap it for a new bond with a longer maturity.urity.

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