Primary hosts Lebanon; Borets advances deal; TSKB on deck; Asian trading mixed

By Christine Van Dusen

Atlanta, March 21 – Lebanon sold new notes and United Arab Emirates-based Borets Finance DAC advanced a new deal on a mixed Tuesday for emerging markets assets.

Also during the session, Turkey’s Turkiye Sinai Kalkinma Bankasi AS (TSKB) set initial talk in the 7 7/8% area for a $300 million issue of Regulation S green bonds due in 10 years.

“In contrast to its commercial peers, TSKB is a private development bank with a focus on project finance lending ... we like TSKB’s niche role,” a trader said.

Taking a look at the secondary market, EM assets saw buying and selling from European real-money accounts, another trader said.

“Asian [investors] keep on taking profits into higher cash prices, particularly in the shorter end,” he said. “The tone overall remains very firm, however, and as long as supply remains contained we can continue to grind lower in spread.”

Some profit-taking was seen for bonds from India, “but not enough to budge spreads,” he said. “Korean papers were flat on the day, with the exception of the new Korea National Oil Corp., where bonds performed well in both the three-year and five-year issues.”

Investment grade names from Asia closed the day broadly unchanged, another trader said.

From the Middle East, the three-tranche issue of notes due in 2021, 2026 and 2046 from Saudi Arabia saw some activity in trading on Tuesday.

Investors also showed some interest in Kuwait’s Equate Petrochemical Co. KSCC.

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