Morning Commentary: EM gears up for busy week; Qatar mandates; new Turkcell firmer

By Rebecca Melvin

New York, April 6 – Market players were gearing up on Friday for a busy upcoming week for the Central & Emerging Europe, Middle East and Africa region as yet another deal – this one for Qatar – landed on the calendar.

Qatar, which has been absent from the primary market amid an ongoing diplomatic dispute with its neighbors since last June, now follows Qatar-based corporate issuer, Mannai Corp., into the market with a dollar-denominated triple tranche offering of five-, 10- and 30-year notes.

Qatar’s bookrunners, Al Khaliji, Barclays, Credit Agricole, Credit Suisse, Deutsche Bank, Mizuho, QNB Bank and Standard Chartered, are arranging roadshow meetings in the United States and United Kingdom starting on Tuesday, according to one source. A Rule 144A and Regulation S sale will follow, subject to market conditions.

“It’s going to be a busy week,” a London-based syndicate source said.

In addition to Qatar and Mannai, Egypt is planning to price a two-tranche euro-denominated deal of eight- and 12-year notes; Oman Telecommunications Co. SAOG is planning to price two dollar tranches of five and 10 years; Dubai’s Damac Real Estate Development Ltd. is planning to price dollar five- and seven-year sukuk certificates; Noor Bank PJSC and Sharjah Islamic Bank are coming with five-year dollar benchmark sukuks; and Kazmunaygas of Kahzakhstan is planning to price a dollar benchmark of seven-, 12- and/or 30-year notes.

Meanwhile, Turkcell Iletisim Hizmetleri AS’s newly priced 5.8% notes due 2028 were released for secondary dealings and the lower to medium grade paper was seen firmer in the aftermarket on Friday after the $500 million deal priced at a discount of 97.779, a market source said.

© 2015 Prospect News.
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