Morning Commentary: New Sibur deal trades around issue; market eyes more CEE/MEA paper next week

By Rebecca Melvin

New York, Sept. 29 – Sibur Securities DAC’s newly priced 4 1/8% notes traded right around issue on Friday after the Russian petrochemical company priced $500 million of the six-year guaranteed notes at par, a market source said.

The new Sibur 2023 notes were seen at 99.85 bid, 100.15 offered.

Investors of the CEE/MEA region, including Central & Eastern Europe, Middle East and Africa, should expect more deals for this region coming up next week, syndicate sources said. No details have been made public, one said, but there are deals on the way.

Among notable deals this past week, Turkiye Cumhuriyeti Ziraat Bankasi AS priced $500 million of 5 1/8% six-year notes at par and Saudi Arabia brought $12.5 billion of sovereign debt including 2 7/8% notes due 2023, 3 5/8% notes due 2028 and 4 5/8% notes due 2047.

Investors continue to watch tensions in these regions. This past week, Turkish president Reycep Tayyip Erdogan warned of possible military action related to the issue of Kurdish independence and also hosted meetings with Russian president Vladimir Putin over Syria, Iraq and other issues.

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