EM primary bond market regains normality as OQ drills for dollars

AdobeStock_oil_money_575x375_17Feb2021
By Mariam Meskin
28 Apr 2021

Market participants rejoiced this week as the primary market landscape returned to normal after US Treasury yield volatility subsided and a number of deals, both investment grade and high yield, came to the market.

OQ, rated BB- by Fitch, sold a Reg S/144A senior unsecured $750m 5.125% May 2028 bond on Wednesday. The reoffer spread was set at 378bp over US Treasuries.

Citi, HSBC and JP Morgan were joint global coordinators, lead managers and bookrunners, while First Abu Dhabi Bank, MUFG, Natixis, SMBC and Société Générale ...

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