Adani issues new notes; Turkey in focus; Lat-Am widens, lowers; Bulgarian Energy deal ahead

By Christine Van Dusen

Atlanta, July 26 – India’s Adani Transmission Ltd. sold notes on Tuesday as Turkey remained on the market’s mind, with the sovereign calling for the United States to extradite a cleric who allegedly engineered the recent, failed coup attempt.

Credit from Turkey was firm at the open, with five-year credit default swaps spreads narrowing 2 basis points to 269 bps. Cash prices started the session flat but supported by a rally in U.S. Treasuries, a London-based analyst said.

This came as the sovereign released its third-quarter inflation report, in which Turkey maintained its 7˝% forecast for inflation in 2016 and 6% for 2017, a trader said.

Overall, flows were balance for Turkish bonds on Tuesday and died down a bit as the session wore on, a trader said.

Looking to Latin America, bonds traded poorly on Tuesday but closed off their widest and lowest levels of the day, a New York-based trader said.

Five-year credit default swaps spreads for Brazil closed at 296 bps from 294 bps after trading as wide as 300 bps, and Mexico moved to 149 bps from 144 bps after trading at 151 bps earlier in the day.

“Lat-Am high yield is not spared today, as both Venezuela and Argentina are lower.”

In deal-related news, Bulgarian Energy Holding EAD is planning to issue euro-denominated notes due in five years (Ba2), according to a company announcement.

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