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Morning Commentary: New Emirates NBD Bank securities add in secondary; Ghana tightens
By Rebecca Melvin
New York, March 14 – Emirates NBD Bank PJSC’s newly priced 6 1/8% perpetual securities were higher in trade on Thursday after the Dubai lender priced $1 billion of the Tier 1 debt that is non-callable for six years.
The Emirates NBD perpetuals were quoted 100.45 bid, 100.65 offered on Thursday after they priced at par on Wednesday.
Ghana’s bonds tightened by 12 basis point to 14 bps and the spectrum of African debt was slightly tighter on the heels of news that the republic is in the market for a proposed U.S. dollar-denominated benchmark of medium-term duration as well as offers to purchase existing bonds.
In addition, EM-focused Kosmos Energy Ltd. jumped into the market with the expectation of pricing a $600 million offering of seven-year senior notes (expected ratings BB-/BB), which are non-callable for three years, according to market sources.
Initial guidance has the offering coming with a yield in the 7% area, a bond trader said.
The Dallas-based independent oil and gas exploration and production company has operations in Ghana, Equatorial Guinea, U.S. Gulf of Mexico, Mauritania, Senegal, Suriname, Ivory Coast, Namibia and elsewhere and plans to use the proceeds to redeem all $525 million of its outstanding 7 7/8% senior secured notes due 2021 and to pay down its revolving credit facility.
In Asia, Sri Lanka issued $1.4 billion 7.85% bonds due 2029 and $1 billion 6.85% five-year notes on Thursday under Rule 144A and Regulation S via bookrunners BOCI Asia Ltd., Citigroup Global Capital Markets Inc., Deutsche Bank AG, Singapore Branch, HSBC Ltd., J.P. Morgan Securities plc, SMBC Nikko Capital Markets Ltd. and Standard Chartered Bank.
The market overall saw sentiment in EM debt slip from its peak performance this week amid a bid in U.S. Treasuries and after China released weaker-than-expected economic data. Official data showed that industrial output slowed more than expected in January and February.
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