Almarai, QIIB notes edge higher in first-day trading; Emirates Development Bank sets talk

By Rebecca Melvin

New York, Feb. 27 – A pair of Middle East new issues on Wednesday edged up in comparable moves in first-day trading on Wednesday. Saudi Arabia’s Almarai Co.’s 4.311% five-year sukuk just edged Qatar International Islamic Bank’s 4.264% five-year sukuk by about 0.10 points to 0.12 points, according to sources.

Almarai’s 4.311% notes were seen closing at 100.62 bid, 100.82 offered, with spread slipping to a z-spread of 165 basis points after the deal priced at mid-swaps plus 180 bps.

Qatar’s 4.264% notes were quoted at 100½ bid, 100.70 offered, and that deal priced at mid-swaps plus 175 bps.

The Almarai deal was particularly noteworthy as the offering saw record demand and yield crunched down nearly 50 bps from initial talk.

Also in Wednesday’s session, Emirates Development Bank PJSC was talking its planned benchmark-sized offering of U.S. dollar-denominated five-year notes to yield mid-swaps plus 130 bps, according to a market source.

In regional proximity, QNB Finansbank AS of Turkey was in the market with a planned dollar-denominated, 5½-year benchmark of senior notes, which was expected to price following a series of conference calls.

© 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.