E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 9/28/2017 in the Prospect News High Yield Daily and Prospect News Investment Grade Daily.

Saudi notes tighten in first-day trading; older Saudi notes firm; new Mexichem tightens

By Rebecca Melvin

New York, Sept. 28 – Emerging markets were described as strong on Thursday as $12.5 billion of new sovereign debt for Saudi Arabia hit the market, and those new notes moved tighter in active trade, a market source said.

The new $3 billion of Saudi 2 7/8% notes due 2023 remained under par but were higher than issue at 99.73 bid, 99.76 offered. The 2 7/8% notes priced at 99.336.

The $5 billion issue of Saudi 3 5/8% notes due 2028 was seen at 99.83 bid, 99.89 offered after that deal priced at reoffered 98.831.

And the $4.5 billion of new Saudi 4 5/8% notes due 2047 touched par and were seen at 99.85 bid, 100 offered, after the tranche priced at 99.390.

Meanwhile the existing curve was tighter.

“The whole curve is firm,” a trader said of Saudi Arabia’s spectrum of notes.

Outside the Middle East and Africa region, Mexichem SAB de CV priced $1 billion of senior notes in two parts, including $500 million of 4% notes due 2027 and $500 million of 5½% notes due 2048.

The new Mexichem tranches were trading tighter by about 5 bps, a New York-based trader said.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.