Commercial Bank of Qatar new notes little changed; Turkey flat to lower; Argentina lower

By Rebecca Melvin

New York, May 18 – Commercial Bank of Qatar’s newly priced 5% notes 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.

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

Turkey’s newer 6 1/8% notes due 2028, of which $2 billion priced in mid-April, were quoted at 91.70 bid, 92.05 offered, which was flat to lower from Wednesday, when the bond fell to 92 from 95. On Monday, the 6 1/8% notes were 95.452, which was down 0.8% on the day. The paper, which priced at a reoffered 99.427, is now down 8% from issue.

Argentina’s $2.75 billion 7 1/8% notes due 2117, which have performed in line with the sovereign’s overall yield curve, were down 0.95, or 1.1% on the day at 86.10. That is off its all-time low of 82 but nowhere near its high of 104 notched last fall. The paper was issued at a reoffered 90 in June 2017.

© 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.