Senegal, KDB price notes; Sharjah prices $1 billion sukuk; Union National brings notes

By Rebecca Melvin

New York, March 6 – The emerging markets primary came to life on Tuesday after a quiet start to the week with a number of deals pricing at terms that were tight compared to talk.

Senegal kicked things off with the launch of its dual tranches of notes (/B+/) for €1 billion and $1 billion. The euro-denominated 10-year notes launched to yield 4¾%, and the 30-year dollar notes launched with a yield of 6¾%. They priced 50 basis points below the wide end of initial talk.

Korea Development Bank priced $1 billion of notes (Aa2/AA/AA-) in fixed- and floating-rate tranches, including a $500 million tranche of three-year floating-rate notes priced at par to yield Libor plus 55 bps, which was tight compared to initial talk of Libor plus 70 bps.

Also in the primary space, the Emirate of Sharjah priced a $1 billion 10-year Islamic bond at par to yield mid-swaps plus 135 bps. Pricing of the Regulation S note, which has a distribution rate of 4.226%, came at the tight end of talk, which was guided to mid-swaps plus 135 bps to 140 bps from mid-swaps plus 150 bps area.

Also from the Middle East and Africa region, Union National Bank PJSC of Abu Dhabi priced $500 million of 4% five-year notes.

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