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Midday Commentary: TAQA, Mubadala see action; Dubai Islamic Bank among top performers
By Christine Van Dusen
Atlanta, May 2 - Recent new issues from Abu Dhabi National Energy Co. (TAQA) and Abu Dhabi's Mubadala Development Co. PJSC were active in the secondary market on Friday, a London-based trader said.
The $750 million 3 7/8% notes due May 6, 2024 that TAQA priced at 99.369 to yield mid-swaps plus 115 basis points widened slightly at the end of the week, he said.
"United States Treasuries rallied yesterday into 2.60%, so this one lagged a little," he said, noting it was "still a pretty impressive deal, and it doesn't feel like there are too many bonds around."
BofA Merrill Lynch, Mitsubishi UFJ Securities, RBS Securities, Societe Generale CIB and Standard Chartered Bank were the bookrunners for the Rule 144A and Regulation S deal.
Mubadala's $750 million 3¼% notes due April 28, 2022 that priced at 98.53 were "very solid," the trader said.
The notes came to the market to yield 3.462%, or Treasuries plus 120 bps, with BofA Merrill Lynch, Credit Agricole, Deutsche Bank, Goldman Sachs, HSBC and National Bank of Abu Dhabi in a Rule 144A and Regulation S transaction.
"Very solid, and the success of this deal has boosted the secondary for the 2019s and 2021s," the trader said. "New issues reinvigorate curves."
The week's best-performing bonds from the Middle East included Dubai Islamic Bank's perpetuals - which were trading at 100.50 bid, 101 offered - and TAQA's 2017s, as well as Saudi Arabia's Dar Al-Arkan Real Estate Development Co.
"Markets were relatively subdued heading into today's U.S. payrolls report, with a continuation of the recent positive trend in EM carry trades," according to a report from Barclays.
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