GarantiBank sells notes; Eros cancels deal amid controversy; Nemak on deck; Helios popular

By Christine Van Dusen

Atlanta, March 9 – Turkey’s Turkiye Garanti Bankasi (GarantiBank) sold notes on a “remarkably solid” Thursday for emerging markets assets, a London-based analyst said.

“As we head closer to tomorrow’s job market data report and next week’s FOMC meeting, market sentiment has turned somewhat softer, with rates selling off and the dollar firming up,” he said. “EM credit still remains remarkably solid so far, but undeniably looks prone, should the change in tone lead to fund outflows.”

The new $500 million issue of 7.2% notes due March 16, 2027 from Turkey’s Akbank TAS received some attention in trading on Thursday.

“Despite the softer market context, the deal attracted a $2.2 billion book,” the analyst said.

On Thursday morning the new notes were seen at about 100.70 bid, 101 offered. At mid-afternoon in New York, the notes were spotted at 100¾ bid, 101 offered.

Also on Thursday, India’s Eros International Media Ltd. postponed a dollar-denominated issue of notes and Mexico’s Nemak SAB de CV advanced plans for a euro deal.

Some investors were keeping an eye on Cameroon as the sovereign started discussions with the International Monetary Fund about a three-year economic program.

In other news, Helios Towers Africa LLP’s new $600 million issue of 9 1/8% notes due in 2022 was over three times oversubscribed, a market source said.

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