Turkey, TAQA, FirstRand price; Mannai talks deal; China property names eye dollar deals

By Rebecca Melvin

New York, April 16 – The Republic of Turkey and Abu Dhabi National Energy Co. PJSC (TAQA) announced and priced new notes on Monday, and a couple of issuers already on the calendar completed transactions as geopolitical risk fears gave way to improved market tone.

Turkey priced $2 billion of 6 1/8% 10-year notes. Pricing came at 99.427 for a yield of 6.2%, or a spread to 336.8 basis points over U.S. Treasuries.

TAQA priced a $1.75 billion dual tranche of notes due 2025 and 2030, both well below initial talk.

Also pricing on Monday was South Africa’s FirstRand Bank Ltd., which brought $500 million of 6 3/8% 10-year tier 2 subordinated notes. Pricing was tightened from earlier guidance of 6½% to 6¾% and initial talk in the 6¾% area.

And Qatar’s Mannai Corp. QPSC started price talk for its $300 million of perpetual notes to yield in the low- to mid-9% range.

In Asia, a trio of property-linked companies announced plans to price U.S.-dollar denominated debt, including Sunac China Holdings Ltd., Jingrui Holdings Ltd. and Central China Real Estate Ltd.

Latin America was relatively quiet, but Banco de la Cuidad de Buenos Aires was heard to have begun a roadshow on Monday for a peso-denominated international deal of floating-rate notes via bookrunners HSBC and Nomura.

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