Mubadala launches at 150 bps; Neuquen Province prices $235 million notes; TSKB sets roadshow

By Paul A. Harris

Portland, Ore., May 9 – Monday emerging markets trading was active, according to a trader focused on the Middle East.

Abu Dhabi-based holding company Mubadala Development Co. PJSC launched $500 million of seven-year notes at mid-swaps plus 150 basis points.

The spread comes tight to the mid-swaps plus 170 bps initial price talk.

A trader conceded that the spread looked tight from a secondary point of view but pointed out that it has become a very technical market again.

Argentina’s Neuquen Province priced a $235 million offering of 8 5/8% 12-year notes at par, a market source said on Monday.

The notes were talked in the 9˝% area.

Turkey’s Turkiye Sinai Kalkinma Bankasi AS (TSKB) plans to start a roadshow on Thursday for a dollar-denominated Regulation S offering of debt securities, according to a market source.

BNP Paribas, Citigroup Global Markets, Standard Chartered Bank, Commerzbank, ING and UniCredit are leading the deal.

African Export-Import Bank (Afreximbank) mandated MUFG as global coordinator and Barclays, HSBC, MUFG, Rand Merchant Bank and Standard Chartered Bank as joint lead managers and active bookrunners to conduct a series of meetings with fixed-income investors in Asia, Europe and the Middle East starting on Thursday, according to a market source.

A benchmark size dollar-denominated deal may follow, subject to market conditions.

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