Abu Dhabi Crude Oil Pipeline deal adds after initial drop; Inkia Energy on the road

By Rebecca Melvin

New York, Oct. 27 – Abu Dhabi Crude Oil Pipeline LLC’s newly priced dollar notes traded up on Friday after an initial dip following the company’s pricing of $3.04 billion of the senior notes in 12-year and 30-year tranches, a London-based market source said.

The new Abu Dhabi 3.65% notes due 2029 dropped below issue price before moving up to 99.90 bid, 100.5 offered.

The new Abu Dhabi 4.6% notes due 2047 also traded below their issue price first, before moving up to 100.5 bid, 101.25 offered.

Also new to the market on Friday was Celulosa Arauco y Constitucion SA’s newly priced $900 million of senior notes in 10-year and 30-year tranches. But those notes were not heard in trade on Friday.

The $500 million 2027 notes priced with a 3 7/8% coupon to yield Treasuries plus 160 basis points, and the $400 million 2047 notes priced with a 5˝% coupon to yield Treasuries plus 255 bps.

Meanwhile, market players eyed the announcement that JSC NC Kazakhstan Temir Zholy may price a dollar benchmark following a series of investor meeting arranged by JPMorgan, Renaissance Capital, Halyk Finance and MUFG, and Inkia Energy Ltd. began meetings on Friday for a proposed offering of 10-year senior notes being arranged by Citigroup, Scotia and Credit Suisse.

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