Deals from Aegea Saneamento, Saudi Arabia, Ziraat Bank on tap; existing Saudi notes widen

By Rebecca Melvin

New York, Sept. 25 – Emerging markets were quieter and spreads somewhat wider on Monday, compared to last week.

There was some new paper getting a once over. Brazil’s Aegea Saneamento set a roadshow for dollar-denominated notes due 2024, Saudi Arabia was offering notes in five-, 10- and 30-year tranches, and Turkiye Cumhuriyeti Ziraat Bankasi AS guided talk on a new dollar-denominated benchmark of six-year notes.

The initial order book for the Ziraat notes was for more than $1.4 billion, and the notes were talked to yield 5¼% to 5 3/8%, which was tightened from initial talk of 5 3/8% to 5½% yield.

Back in established issues, some Saudi existing notes widened on the promise of new notes pricing for that curve. The near-dated Saudi 2 3/8% notes due 2021 were indicated at 98.83 bid, 98.95 offered, with the z-yield spread widening out 6.6 basis points, according to a market source.

The Saudi 2022 notes with a 2.894% coupon were at 100.18 bid, 100.43 offered with a yield spread that wider by only 1.5 bps.

The Saudi 2026 and 2027 notes were wider by 5.5 bps and 4.6 bps, respectively, and the Saudi 4½% notes due 2046 were at 100.87 bid, 101.37 offered, with a z-spread that was 6.2 bps wider.

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