Panama prices tight; Turk Eximbank, African Development, Chong Hing on deck; Bahrain widens

By Aleesia Forni

Virginia Beach, Sept. 15 – Panama came to market with a $1.25 billion offering of global bonds on Monday during a mostly weaker session for emerging markets.

“The overhang of supply, rates move and general risk sentiment moves last week sees some bonds remaining very tricky,” a trader said.

In other primary happenings on Monday, BBVA Banco Continental announced a $300 million offering of subordinated tier 2 notes.

Export Credit Bank of Turkey SA (Turk Eximbank), African Development Bank and Chong Hing Bank Ltd. are each planning to enter the primary market with new dollar-denominated bond offerings.

Both Turk Eximbank and Chong Hing Bank will begin roadshows this week ahead of the planned transactions.

Also on Monday, Korea Western Power Co. Ltd. announced price talk for a proposed five-year dollar notes sale.

The recent 6% notes priced by Bahrain traded wider in the secondary market, according to a trader.

“Decent effort all told,” he said.

In another issue from that region, the trader noted that the recently priced perpetual bonds from Dubai’s Emirates NBD “saw good retail demand” on Monday.

The bonds were trading down one point from re-offer, he said.

The notes sold at par on Thursday.

Panama priced $1.25 billion of 4% global bonds (Baa2/BBB/BBB) due 2024 with a spread of Treasuries plus 150 bps, according to a market source.

The notes sold tight of talk, which firmed around 10 bps from initial guidance.

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