Indonesia’s Agung Podomoro prices bond; markets quiet ahead of holidays; LatAm steady

By Rebecca Melvin and Colin Hanner

New York, May 25 – A handful of new issues priced in emerging markets on Thursday ahead of upcoming holidays. These deals included a $300 million 5.95% bond by Indonesia’s Agung Podomoro Land Tbk and a KZT 1 billion 13½% bond by Kazakhstan’s Faeton Co. Both issuers are in the real estate sector, and both bonds are seven-year paper.

In addition, the JSC Bank of Georgia sold 500 million lari of 11% three-year notes at par on Thursday, and GTLK Europe DAC sold $500 million 5 1/8% seven-year notes at par on Wednesday.

Overall, however, the emerging markets had a quiet tone as business wound down for various holidays, including three-day weekends ahead for the United States and the United Kingdom, closures in Europe for Ascension Day for the latter part of this week and in the Middle East Ramadan beginning on Friday.

In the Middle East, emerging market credit was “holding firm,” with “no real moves in spreads,” a market source told Prospect News via e-mail.

Meanwhile, Qatar-based real estate developer Ezdan Holding Group, whose equities plunged following the company’s decision to go private, saw its bonds remain firm.

From Turkey, Vakifbank, Garanti Bank, Fibabanka and Ziraat Bankasi were all attracting solid support, a market source said.

While position changes in the Middle East ahead of the holidays was light, in the Latin America credit markets, the holidays were a non-issue.

© 2015 Prospect News.
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