Saudi Electricity launches $2 billion notes in two parts; Sasol guides pricing on notes

By Rebecca Melvin

New York, Sept. 20 – Emerging markets debt saw a busy session on the primary side Thursday, with Saudi Electricity Co. launching $2 billion of notes in five- and 10-year maturities and South Africa’s Sasol Ltd. guiding pricing on a two-tranche deal to price imminently.

Also Inter-American Development Bank priced a £150 million tap of its 1¼% notes due 2023, and pricing emerged on China Construction Bank Corp. Hong Kong Branch’s $1 billion of three-year floating rate notes that priced at par to yield three-month Libor plus 0.75%.

Pricing also emerged on Islamic Development Bank, which priced $1.3 billion of five-year Islamic bonds at par with a profit rate of 3.389%, or mid-swaps plus 32 basis points, according to a syndicate source on Thursday.

The Regulation S sukuk priced tight compared to initial talk in the high 30 bps area over mid-swaps.

Meanwhile, Dubai-based DP World Ltd.’s four tranches of bonds in multiple currencies that priced on Tuesday were outperforming the market, with a London-based trader saying that the bonds “have stabilized and were seeing demand.”

Overall the emerging markets debt market was seeing a solid tone on Thursday, the trader said.

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