Hungary, Colbun deals edge above par; Braskem trades around issue; CEEMEA primary quiets

By Rebecca Melvin

New York, Oct. 5 – Hungary’s new 1¾% notes traded up to 100.15 bid, 100.35 offered on Thursday, after the sovereign priced €1 billion of the 10-year notes at a 1.4 point discount to par.

Also in first-day trade was Turkiye Is Bankasi AS (Isbank)’s $500 million add-on to its 6 1/8% notes due 2024. The new notes, which priced at 102.017 to yield 5¾%, brought that deal size up to $1.25 billion.

Otherwise the primary market for the Central & Eastern Europe, Middle East and Africa region was quiet, following busy action for the week so far. Abu Dhabi’s $10 billion of notes offered in three tranches remained in focus after their debut on Wednesday in the secondary market.

There were a couple of new corporate deals that debuted in the Latin American market on Thursday.

Chile-based Colbun SA’s new 3.95% notes due 2028 traded above par to 100.14 bid, 100¼ offered.

“Colbun is doing fine,” a New York-based trader said of the new issue.

Meanwhile, there were two new deals from Sao Paulo-based petrochemical company Braskem SA for $1.75 million.

The $1.25 million of 2028 Braskem notes were seen at 98¾ bid, 98 7/8 offered, and the smaller $500 million deal of 2023 notes was seen at 98 7/8 bid, 99 offered.

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