New Mashreq notes edge up in trade; Egypt, Cyprus to each price deals

By Rebecca Melvin

New York, Feb. 19 – A number of new issues for the Central and Eastern Europe, Middle East and Africa region were in focus on a busy post U.S. holiday-session.

MashreqBank PSC’s newly priced 4¼% notes edged up to just over par in trade after the United Arab Emirates’ private bank priced $500 million of the five-year notes at just under par.

The new MashreqBank notes were closed at 100 bid, 100.25 offered after pricing at 99.773, a London-based trader said.

The new issue was priced at a yield spread of mid-swaps plus 175 basis points, which was tightened from guidance of mid-swaps plus 175 bps to 180 bps and initial price talk in the area of mid-swaps plus 200 bps.

BNP Paribas, BofA Merrill Lynch, Commerzbank, MashreqBank, Nomura and Societe Generale were bookrunners.

The Arab Republic of Egypt was bringing a large triple tranche deal of notes, which were expected to price late Tuesday. But final terms were not heard by Prospect News’ deadline.

Egypt’s five-year tranche was guided initially to a yield in the 6.6% area; the 10-year tranche was guided to a yield in the 8% area; and the 30-year tranche was guided to the 9.1% area.

The deal size may be $5 billion, according to a market source.

The Republic of Cyprus also has selected banks for a planned benchmark offering of euro-denominated 15-year notes, according to an announcement.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.