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Sovereign's $3bn deal tightens well as Asian demand returns
The sovereign's public and private bonds of similar maturities are trading over 25bp apart
◆ Gulf private placements bite back ◆ Bond new issue premiums rise ◆ CLOs catch a break
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United Arab Emirates based Noor Bank has launched its five year Reg S sukuk at 165bp over mid-swaps, with order books over $1bn, including joint lead manager interest.
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After the Qatari sovereign launched its $12bn triple tranche return to the bond market last week, Mannai Corporate, a conglomerate from the country, is following it into the market this week. Mannai is looking to print a senior perpetual non-call five Reg S only dollar bond. It will be the company’s debut in the bond market.
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The Republic of Turkey nipped into the market on Monday afternoon to raise $2bn with an SEC registered bond, just days before presidential and parliamentary elections were called. While one EM investor called the issuing strategy unusual, a rival banker said it was a classic case of Turkish opportunism, adding that the higher yield paid is the reality of the market now.
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Omantel has released price guidance for its long five and 10 year dual tranche bond at a level one EM trader in London is calling “real cheap” at 100bp over the Oman sovereign curve.
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Five CEEMEA borrowers are out with initial terms for new bonds as EM capital flows remained strong despite the imposition of fresh sanctions on Russia on April 6.
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German residential property company Grand City Properties brought its third corporate bond deal of 2018 to the market on Tuesday, while the return of seed company Syngenta with a jumbo multi-tranche deal neared.
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Sponsored by CAF – Development Bank of Latin America and the Caribbean
CAF gearing up to transform regional development
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