Turkey

Turkey’s largest hospital group, MLP Sağlık Hizmetleri, also known as MLP Care, set the terms of its IPO on Monday and expects to price it next month.

Vakifbank opened books on Tuesday on the third senior 2023 from a Turkish financial institution this year and was expected to guide investors towards a sub-6% print.

Petkim Petrokimya Holding brought the first high yield corporate trade from Turkey since 2014 last Friday, raising $500m with a sub-6% coupon.

Turkish petrochemical manufacturer and debut issuer Petkim Petrokimya Holding was marketing a five year bond at what one rival banker called a “punchy” starting point on Friday.

Fibabanka has launched its $300m five year senior unsecured bond at 6%, with leads having built a book of just under $500m for the bond, which had been postponed from October.

Fibabanka began marketing its revived five year bond at 6.25% area on Thursday.

Fibabanka has restarted a dollar bond issue that it postponed last year.

Fund flows into emerging market bond funds hit a 76 week high in the week ending January 12, according to EPFR data, culminating a week of strong primary markets that a wobble in US Treasuries could do nothing to derail.

Rating: Ba1/—/BB+

Several big name investors this week called the start of a bond bear market after a back-up in 10 year US Treasury yields but there was little sign of reticence from the emerging markets buy-side, with three sovereigns pulling in jumbo order books.

The Republic of Turkey sold a $2bn 10 year bond on Tuesday just as a sell-off in US Treasuries took hold, but it still managed to raise a book of $5.3bn for the deal.

Though bankers may have expected the first quarter of 2018 to play out with a glory run of slam dunk deals, a recent back-up in US Treasury yields has left some big name investors calling the start of a bear market in bonds.