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Morning Commentary: Qatar talks triple-tranche deal; Montenegro launches; four LatAm deals on tap
By Rebecca Melvin
New York, April 12 – Qatar announced that it is pricing its three series of notes due 2023, 2028 and 2048 on Thursday following the conclusion of roadshow meetings.
Talked spreads on the Qatar notes were tightened in the early going before launch, with pricing on the five-year notes tightened to a yield spread of U.S. Treasuries plus 135 basis points from initial talk in the area of Treasuries plus 170 bps. Guidance for the 10-year notes was tightened to Treasuries plus 170 bps from initial talk in the Treasuries plus 200 bps area. And guidance on the 30-year notes was tightened to Treasuries plus 205 bps from Treasuries plus 230 bps initially.
Also in the primary market the Montenegro launched €500 million of seven-year notes to yield 3 5/8%. That pricing was tightened from guidance in the area of 3¾%, plus or minus 1/8% and initial talk in the high 3% area.
Both deals saw strong order books.
But there were no announcements regarding pricing on Thursday for three deals on the calendar for the region of Central & Emerging Europe, Middle East and Africa, including Oman Telecommunications Co. SAOG, Noor Bank PJSC or Kazmunaygas.
“There is nothing announced as pricing today,” a source said.
The Latin America region saw two deals come off its forward calendar for pricing on Thursday as well as two new deals announced to price.
Uruguay announced a new 2055 bond, which was being talked at a yield spread of U.S. Treasuries plus 235 bps initially.
Banco do Brasil SA announced a five-year dollar bond, which was being talked initially in the low-5% area.
And from the calendar, Grupo Bimbo SAB de CV said its dollar hybrid security was being talked at a yield in the low- to mid-6% range, and RioPrevidencia’s 10-year dollar notes were being talked at the mid-8% area.
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