Koc Holding talks six-year notes; India’s Jubilant Pharma prices; Digicel plans notes

By Rebecca Melvin

New York, March 5 – Emerging markets debt was lackluster on Tuesday with bonds mixed to lower in trade.

Turkey’s industrial conglomerate Koc Holding AS was in the market talking dollar-denominated six-year notes, but Turkey’s sovereign curve was decidedly lower in price in the secondary market and the lira remained weak against the U.S. dollar.

Initial price talk for the Koc notes was for a yield of 6 7/8% to 7%. The pricing was expected to tighten up before final terms were expected to be set later in the session.

There was no word on other deals in EM debt outside of Asia. But from India the Export-Import Bank of India was heard to be planning dollar-denominated senior notes, while India’s Jubilant Pharma Ltd. priced $200 million of 6% unsecured bonds due March 2024 at par.

Also in India, Lakshmi Vilas Bank Ltd. informed the Bombay Stock Exchange that its board of directors will meet on Friday to consider issuing unsecured subordinated nonconvertible perpetual additional tier 1 debentures. The bank is based in Karur, India.

Elsewhere, high-yield issuer Digicel International Finance Ltd. and Digicel Holdings Ltd. said it plans to price $550 million of five-year first-lien senior secured notes on Thursday.

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