Hungary prices €1 billion notes; Al Khalij Commercial taps banks; Argentina under pressure

By Rebecca Melvin

New York, Sept. 25 –The Republic of Hungary priced €1 billion 1¼% seven-year notes at 98.621 on Tuesday for a yield of 1.457%, or spread of mid-swaps plus 75 basis points, according to a market source.

Pricing was tightened from guidance of mid-swaps plus 85 bps and from initial price talk of mid-swaps plus 100 bps. Initial price guidance was appealing for investors and the order book stood above €3.8 billion when the deal launched.

Joining the forward new deal calendar was Qatar’s Al Khalij Commercial Bank, which will market a dollar-denominated offering of benchmark-sized notes during a roadshow starting on Thursday. The Doha-based lender selected Barclays, ANB Capital, Standard Chartered Bank and The Commercial Bank for the Regulation S notes and roadshow meeting will place in Asia and Europe.

In secondary dealings, the Middle East and Africa region was weighed down slightly by the move in rates but generally quiet, a London-based trader said.

Saudi Electricity Co., which priced a $2 billion sukuk in two tranches last week, was a little heavy ahead of pricing for a new deal for Saudi Arabia’s Saudi Basic Industries Corp. (Sabic), the trader said.

From Latin America, Argentina bonds fell a point or more as the sovereign curve remained under pressure on Tuesday following a drop back on Monday.

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