Indonesia gives guidance; new TSKB bonds trade higher; Asia weakens; roadshow for Ezdan

By Christine Van Dusen

Atlanta, March 22 – Indonesia advanced a new issue on a mostly solid Wednesday for emerging markets assets, even as a terrorist attack in London – as well as poor results from Nike and concern about the fate of health care in the United States – weakened general market sentiment.

The positive attitude toward emerging markets was “probably best reflected by [Turkiye Sinai Kalkinma Bankasi AS (TSKB)]’s tier 2 deal,” a London-based analyst said.

The Istanbul-based lender on Tuesday priced $300 million 7 5/8% green bonds due 2027 at par to yield 7 5/8%.

On Wednesday the notes were seen trading up by as much as 2½ points from reoffer, a trader said.

This came against the backdrop of some market malaise, with “markets in the process of finding a clear direction,” he said.

Also on Wednesday, market-watchers were whispering about the possibility of a $500 million eurobond from Russia’s OJSC MMC Norilsk Nickel and a similar issue from Russia’s OJSC Alfa Bank. Investors were also looking ahead to the $500 million issue of notes that is expected to price this week from Paraguay.

And Qatar’s Ezdan Holding Group is holding a roadshow this week for a benchmark-sized issue of dollar-denominated notes due in five years, a market source said.

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