Sabic’s new notes edge up in first-day trading; Colombia, Peru join EM primary calendar

By Rebecca Melvin

New York, Oct. 3 – Saudi Basic Industries Corp.’s newly priced tranches of 4% and 4½% notes edged up in first-day trading on Wednesday after the Riyadh-based chemicals, fertilizers, plastics and metals maker priced $2 billion of the five- and 10-year notes.

Both issues were quoted up 0.3 point, according to a London-based trader. The 4% 2023 notes were quoted at 99.65 bid, 99.75 offered. And the 4½% notes due 2028 were quoted at 99.80 bid, 99.87 offered.

Meanwhile, the Republic of Colombia announced new issuance early on Wednesday and later launched $2 billion in a two-tranche deal, including new 10-year notes due 2029 and a tap of existing notes due 2045.

The $1.5 billion tranche of new 10-year dollar global notes launched at Treasuries plus 140 bps, which was pricing that represented tightening from initial talk for a yield in the area of Treasuries plus 165 bps.

The $500 million tap of the 5% notes due in 2045 launched at Treasuries plus 185 bps.

In addition, the Republic of Peru announced a roadshow and mandated banks for a two-tranche offering of PEN-denominated, euroclearable bonds of benchmark size under Rule 144A and Regulation S and a U.S. dollar-denominated note registered with the Securities and Exchange Commission.

The notes were being marketed by joint bookrunners JPMorgan, Morgan Stanley, Santander and Scotia.

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