Issuance from Argentina, Pakistan, MTN Group, EuroChem; Bahrain in focus; EM roadshows set

By Christine Van Dusen

Atlanta, Oct. 5 – Argentina, Pakistan, South Africa’s MTN Group Ltd. and Russia’s EuroChem Global Investments Ltd. sold notes on Wednesday, and Bahrain’s new deal received attention, as Treasury yields stabilized following Tuesday night’s surge on concerns about the European Central Bank’s eventual taper of its bond-buying program.

“A very busy day, headlined by the return of Bahrain to the markets,” a London-based trader said. “Grey markets were pretty solid first thing, trading up circa 75 cents to 85 cents on both tranches. The credit was met with a fairly positive macro backdrop, with oil being green and the market nicely well supported.”

The sovereign priced a $2 billion issue of notes due in 2024 and 2028, a market source said.

An hour into trading, the 2024s were lifted to 100.85 and the 2028s to 101.

The 2024s closed the European session on Wednesday at 100.43 bid, 100˝ offered and the 2028s at 100˝ bid, 100 5/8 offered.

“Very busy on these two from the word ‘go,’ with overall balanced flow,” he said.

Elsewhere among Middle Eastern credits, trading was active, the trader said.

From Asia, Malaysia’s Tenaga Nasional Bhd. is on a roadshow for a dollar-denominated issue of Islamic bonds, a market source said.

China Aoyuan Property Group Ltd. will set out on Friday for a roadshow to market a possible issue of notes, a market source said.

© 2015 Prospect News.
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