New Qatar deals add; market eyes Uruguay’s new issue premium; RioPrevidencia notes jump

By Rebecca Melvin

New York, April 13 – Qatar’s newly priced notes edged up about 1/3 to ¾ of a point in secondary market trading on Friday after the sovereign priced $12 billion in tranches due 2023, 2028 and 2048 at new issue premiums of 15 bps, 25 bps and 17.5 bps, respectively, sources said.

Also in the primary market, Uruguay priced $1.75 billion of 4.975% bonds due 2055 at 98.713 to yield 5.053% on Thursday, or a spread of plus 200 bps over Treasuries.

Overall it was a strong week for sovereign issuance, with Panama wading into a muted Latin America market with a $1.2 billion tranche of 2050 bonds on Monday, and Montenegro coming on Thursday with a €500 million offering of 3 3/8% seven-yield notes. The other euro-denominated sovereign deal this week was Egypt’s €2 billion of eight- and 12-year notes.

In secondary market trading, Latin America deals were in focus on Friday, including those of Banco do Brasil SA, Brazil’s RioPrevidencia and Mexico’s Grupo Bimbo SAB de CV.

RioPrevidencia’s newly priced 8.2% notes due 2028 traded up an outsized 3½ to 3 7/8 points after the public pension fund for Rio de Janeiro priced $600 million of the 10-year notes tight to the initial talk for a mid-8% area yield.

© 2015 Prospect News.
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