Morning Commentary: Russia’s new 2025 notes slip in trade; Abu Dhabi’s Senaat prices

By Rebecca Melvin

New York, Nov. 28 – Russia’s new 2 7/8% notes slipped in trade on Wednesday after the sovereign priced €1 billion of the seven-year notes at 99.221 to yield 3%, according to market sources.

A London-based market source quoted the new Russia tranche at 99.5.

Pricing came at the wide end of revised guidance of 2 7/8% to 3%, which had been revised from initial guidance in the area of 3%.

Elsewhere, Senaat General Holding Corp. PJSC priced a seven-year sukuk that was halved in size from initial thoughts but priced well tight of initial guidance.

The new sukuk yields mid-swaps plus 170 basis points, compared to guidance of 180 bps to 185 bps over mid-swaps, which was tightened from guidance in the low 200 bps area over mid-swaps.

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