New Arab Petroleum bond trades just over par; Abu Dhabi Crude Oil Pipeline, Arauco price

By Rebecca Melvin

New York, Oct. 26 – Arab Petroleum Investments Corp.’s new 3.141% Islamic bond was seen trading slightly over par at 100.13 bid, 100.18 offered on Thursday after the multilateral development bank priced $500 million of the five-year notes under Regulation S, according to a market source.

Investors in the region were also watching Abu Dhabi Crude Oil Pipeline LLC, wholly owned by Abu Dhabi National Oil Co., which launched and priced $3.04 billion of senior notes in 12-year and 30-year tranches.

The Abu Dhabi pipeline notes priced late in the London session and were not heard in trade. But the issue was multiple times oversubscribed, with order books topping $11 billion, skewed to the 30-year notes, a market source said.

In Latin America, Celulosa Arauco y Constitucion SA, a Chilean wood pulp company, priced $900 million of notes in 10-year and 30-year tranches. The notes were reoffered at slightly under par to yield 4.063% and 5.52%, respectively.

Argentine commercial bank Banco Hipotecario SA mandated JPMorgan, Credit Suisse and BCP Securities to begin three days of investor meetings for a peso-denominated international offering, starting Thursday, according to a market source.

Also in the pipeline for Latin America are note deals for Banco Nacional de Costa Rica and Banco de Credito del Peru.

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