Morning Commentary: New Commercial Bank of Qatar notes little changed on the break

By Rebecca Melvin

New York, May 18 – Commercial Bank of Qatar’s newly priced 5% notes were closed little changed on Friday after the Doha-based lender’s $500 million of the 2023 notes priced at the tight end of guidance and were released for trading in the secondary market.

The bank’s notes were quoted at 99 3/8 bid, 99.45 offered, which was up only about 10 cents from a reoffer price of 99.311, according to a London-based trader.

The bonds priced with a yield spread of 212.5 basis points over mid-swaps, which was the tight end of guidance of mid-swaps plus 225 bps, plus or minus 12.5 bps, and tightened from initial price talk at mid-swaps plus 237.5 bps.

Emerging market debt continued to suffer this past week as the 10-year Treasury yield climbed above 3.10%, buoying the dollar.

There was little news by way of updates on several deals on the new issue calendar that had been on roadshows this week, including Afreximbank, which planned to price dollar five- or seven-year notes at the conclusion of fixed-income investor meetings that began on Monday, or on Israel Chemicals Ltd., which planned to price dollar 20- to 30-year notes, which began roadshow meetings on Tuesday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.