Page 27 - bne_newspaper_November_24_2017

Weekly Lists
November 24, 2017 www.intellinews.com I Page 27
bne:Credit Turkey reportedly
poised to issue Samurai bonds
Turkey is approaching investors regarding a two-tranche offering of Samurai bonds, market sources told Reuters.
A tranche of 10-year bonds, with a partial guarantee from the Japan Bank for International Cooperation, is being sounded out at around 0.53% while the other tranche, with no JBIC guarantee and involving three-year notes, is being sounded out in the 170- 190 basis points area over yen offer-side swaps, according to the news service.
Official marketing is expected to begin on November 27.
In September, the Turkish treasury raised $1.75bn through
a dollar-denominated bond issue due May 2047. With this transaction, the amount of funds that have been raised from t he international capital markets in 2017 reached a total of $9.1bn.
The Monetary Council of the Magyar Nemzeti Bank announced new monetary policy measures at its November 21st meeting, while keeping the base rate and the overnight rates unchanged, as expected. The MNB in the previous two meetings has hinted about the launch of a new stimulus aimed at driving down yields on the longer end to help the spreads of long-maturity fixed loans.
The MNB will introduce unconditional interest rate swap (IRS) facilities with five and 10-year maturities for HUF300bn in the first quarter, available for counterparty banks at regular tenders from the beginning of January. Based on the quarterly amount, the full year figure could be around HUF1,000bn-1,500bn, Portfolio.hu adds. The revival of the IRS comes as some HUF300bn worth will mature next year and HUF1,900bn next year.
In addition, the Magyar Nemzeti Bank will launch a targeted programme aimed at purchasing mortgage bonds with maturities of three years or more, equalling HUF500bn of the HUF900bn of the total in the market.
Hungarian central bank unveils new stimulus measures