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Gazprom, PKO price euro benchmarks; Ivory Coast launches euro deal; Emirates brings sukuk
By Rebecca Melvin
New York, March 15 – The emerging primary market remained active on Thursday with both euro- and dollar-denominated deals pricing as U.S. Treasuries stabilized following three days of gains.
Terms generally came tight compared to initial talk. Terms emerged on PJSC Gazprom’s €750 million of eight-year notes, which priced on Wednesday at par to yield 2½%.
The United Arab Emirates’ Emirates Airlines priced a $600 million 10-year sukuk on Thursday at 99.573 to yield 4.6%. The notes, which have a 10-year legal life and a five-year weighted average life, were initially talked to yield in the high 4% area.
Saudi Arabia’s Dar Al Arkan Real Estate Development Co. priced a $500 million 6 7/8% sukuk due 2023 at 98.964 to yield 7¼%, which was tightened from 7¼% from 7½% initially.
Poland’s PKO Bank Polski priced €500 million of ¾% notes due 2024 at 99.892 to yield 0.769%, or mid-swaps plus 23 basis points, which was tight compared to guidance for yield spread of mid-swaps plus 26 bps.
The Ivory Coast launched €1.7 billion of notes in dual tranches, including €850 million of 2030 notes to yield 5¼% and €850 million of 2048 notes to yield 6 5/8%.
In Latin America, final terms were heard on Peru LNG SRL’s $940 million of 12-year notes, but nothing more was heard on Unigel Participacoes SA’s notes.
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