Egypt’s euro notes do well; Latin America calendar picks up; Saudi’s Aramco deal on tap

By Rebecca Melvin

New York, April 5 – The Arab Republic of Egypt’s newly priced euro notes due 2025 and 2031 were said to have held up well in first-day trading after the sovereign priced €2 billion of the notes tight to initial talk on Thursday, according to a London-based market source.

The €750 million 4¾%, six-year notes priced at par and were trading respectably, the source said. Pricing was tightened from initial talk in the 5 1/8% area.

The €1.25 billion 6 3/8%, 12-year notes also priced at par, and pricing was tightened from initial talk for yield in the area of 6 7/8%.

Latin America’s new issue calendar was fuller than it had been in some time on Friday after encouraging primary action earlier in the week when Mexico priced €2.5 billion in two tranches of seven- and 20-year notes and Telefonica del Peru SAA priced PEN 1.7 billion ($515 million) of 7 3/8% eight-year notes.

On Friday, word emerged that Panama was planning to issue a dollar-denominated benchmark of bonds next week via joint bookrunners Goldman Sachs and Morgan Stanley.

In addition, three corporate issuers were stepping up to the plate, including Consorcio Transmantaro SA, Alicorp SSA, and Global Bank Corp.

Meanwhile, Saudi Arabian Oil Co. (Aramco) was expected to pull the trigger on its mega deal of $10 billion or more in several tranches.

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