Mubadala launches at 150 bps; Neuquen Province prices $235 million notes; TSKB sets roadshow

By Paul A. Harris

Portland, Ore., May 9 – Monday emerging markets trading was active, according to a trader focused on the Middle East.

Abu Dhabi-based holding company Mubadala Development Co. PJSC launched $500 million of seven-year notes at mid-swaps plus 150 basis points.

The spread comes tight to the mid-swaps plus 170 bps initial price talk.

A trader conceded that the spread looked tight from a secondary point of view but pointed out that it has become a very technical market again.

Merrill Lynch International, BNP Paribas Securities Corp., First Gulf Bank PJSC, J.P. Morgan Securities plc, MUFG and Societe Generale are the bookrunners for the Rule 144A and Regulation S deal.

Investors remain interested in Abu Dhabi’s dollar-denominated 2 1/8% notes due 2021 and 3 1/8% notes due 2026, said the trader who added that of the two the 2026 notes were the outperformers.

The deal came in two $2.5 billion tranches in late April.

The Abu Dhabi National Energy Co. PJSC (TAQA) 2021, 2023 and 2024 bonds were pretty liquid with good interest in all three, the trader said.

Neuquen Province prices notes

Argentina’s Neuquen Province priced a $235 million offering of 8 5/8% 12-year notes at par, a market source said on Monday.

The notes were talked in the 9½% area.

Deutsche Bank and JPMorgan were the bookrunners.

The proceeds will be used to make an exchange offer on the province’s outstanding 7 7/8% notes due in 2021.

TSKB roadshow Thursday

Turkey’s Turkiye Sinai Kalkinma Bankasi AS (TSKB) plans to start a roadshow on Thursday for a dollar-denominated Regulation S offering of debt securities, according to a market source.

BNP Paribas, Citigroup Global Markets, Standard Chartered Bank, Commerzbank, ING and UniCredit are leading the deal.

The lender is based in Istanbul.

Afreximbank taps bookrunners

African Export-Import Bank (Afreximbank) mandated MUFG as global coordinator and Barclays, HSBC, MUFG, Rand Merchant Bank and Standard Chartered Bank as joint lead managers and active bookrunners to conduct a series of meetings with fixed-income investors in Asia, Europe and the Middle East starting on Thursday, according to a market source.

A benchmark size dollar-denominated deal may follow, subject to market conditions.

The supra-national financial institution, based in Cairo, is rated Baa2 by Moody’s Investors Service and BBB- by Fitch Ratings.

© 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.