Morocco and Latvia price new deals in primary market; Keppel Land notes weaker in trading

By Aleesia Forni

Columbus, Ohio, Dec. 5 - The primary market saw Morocco and Republic of Latvia price new issues on Wednesday, market sources told Prospect News.

Morocco priced a two-part $1.5 billion deal, while Republic of Latvia sold a $1.25 billion issue of notes due 2020.

In other primary action, Abu Dhabi National Energy Co. (TAQA) launched a $2 billion two-tranche issue of notes.

The new bonds from Keppel Land Ltd. were trading 20 basis points wider after pricing on Tuesday.

Morocco prices in two parts

Morocco sold $1.5 billion of bonds in two parts on Wednesday, a market source said.

A $1 billion tranche of 4¼% 10-year notes priced at 99.228 to yield 4.346%, or 275 bps over Treasuries.

A $500 million tranche of 5½% 30-year bonds priced at 97.464 to yield 5.677%. The bonds sold with a spread of Treasuries plus 290 bps.

Barclays, BNP Paribas, Natixis and Citigroup were bookrunners for the Rule 144A and Regulation S deal.

Latvia sells $1.25 billion

Meanwhile, Latvia priced a $1.25 billion issue of 2¾% notes due 2020, according to a market source.

The notes priced at 99.113.

Barclays, Deutsche Bank, J.P. Morgan Securities managed the deal.

TAQA launches

TAQA launched $2 billion of notes on Wednesday, according to a market source.

A $750 million issue of notes due 2018 launched at 200 bps over Treasuries.

There was also a $1.25 billion tranche of notes due 2023. The notes launched at Treasuries plus 210 bps.

The company held a roadshow from Dec. 3 to Dec. 4.

BNP Paribas, Citigroup, HSBC, National Bank of Abu Dhabi and Standard Chartered are the bookrunners for the deal, which is expected to price by the end of the year.

Keppel bonds weaken

Keppel Land's $250 million issue of 3.259% notes due 2019 was quoted 20 bps wider at 240 bps bid late during the London session.

The notes sold at 220 bps over Treasuries at par on Tuesday.

Keppel Land is the property development arm of the Singapore-based Keppel Group conglomerate.

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