China caps week’s sovereign deals with RMB 3 billion; markets quiet ahead of holiday weekend

By Paul A. Harris

Portland, Ore., May 27 – News volume in the debt capital markets was light on Friday, heading into the extended holiday weekend, sources said.

In the emerging markets primary, the Ministry of Finance of the People’s Republic of China priced RMB 3 billion of 3.28% notes due 2019 at par.

China prints 3.28%

China priced RMB 3 billion of 3.28% notes due 2019 at par on Friday.

Bank of China (UK) Ltd. and HSBC Bank plc are the managers.

Proceeds will be used for general governmental purposes.

It was the last sovereign deal through the door at the end of a week that saw interesting topical new issue activity in the space.

Amid concerns that it might be impeded by sanctions, Russia returned to the dollar-denominated market with a $1.75 billion issue of 4¾% notes due 2027 that came at par on Tuesday.

It was Russia’s first non-ruble deal since 2013, and came in the middle of initial guidance.

Also in the sovereign space Qatar priced a giant $9 billion issue of notes on a Wednesday.

Looking ahead in the emerging markets sovereign sector Turkey is set to roadshow an Islamic bond offer early in the May-June crossover week.

Emirates NBD, HSBC and Standard Chartered Bank have the books.

Also in the month ahead Pakistan is expected to bring $500 million of notes for debt refinancing.

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