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Morning Commentary: ADCB launches; Bahrain announces; MHP, Globalworth talking new deals
By Rebecca Melvin
New York, March 22 – Activity in the Central & Eastern Europe, Middle East and Africa region resumed on Thursday after the U.S. Federal Open Market Committee concluded a two-day policy meeting with a 25 basis point interest rate increase and showed an expected pick up in the pace of increases in 2019 and 2020.
Most of the primary market activity had been on pause ahead of the news. Abu Dhabi Commercial Bank PJSC launched a larger than initially talked $750 million of five-year notes to yield 130 basis points over mid-swaps.
The deal for which roadshow meetings wrapped up in London on Monday was pricing tight compared to guidance and initial talk of mid-swaps plus 130 bps to 135 bps and mid-swaps plus 145 bps, respectively.
New to the calendar, the Kingdom of Bahrain announced that it has mandated banks and scheduled a roadshow for a multi-tranche dollar-denominated benchmark offering of notes, including a seven-year sukuk and 12- and/or 30-year bonds.
The sovereign selected BNP Paribas, Citigroup, Gulf International Bank, National Bank of Bahrain and Standard Chartered to arrange the roadshow meetings for the Rule 144A and Regulation S transaction.
Ukraine’s agro-industrial MHP SE group was talking a new dollar-denominated eight-year bullet note to yield 7¼% to 7 3/8%, with proceeds of the offering earmarked to finance the tender of its $495.6 million of 8¼% notes due 2020.
And Globalworth Real Estate Investments Ltd. guided pricing of its euro-denominated seven-year notes to yield within the range of 3 1/8% to 3¼%. The guidance was tightened from initial talk in the area of 3 3/8%, and order books stood in excess of €1.3 billion ahead of deal launch.
The Guernsey-based real estate investment trust focuses on properties located in Poland and Romania.
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