Qatar’s $12 billion notes up in gray market; Turkey’s Koc Holding prices $750 million deal

By Rebecca Melvin

New York, March 6 – Despite an overall quiet tone in emerging markets debt there were deals and trading that captured attention on Wednesday. Qatar came to market with its long awaited issuance, which took the form of a triple tranche issue for $12 billion.

The sovereign launched five-, 10- and 30-year tranches that were ticking higher in the gray market ahead of final terms being set, a London-based market source said.

Qatar’s $2 billion tranche of five-year notes launched at a yield spread of U.S. Treasuries plus 90 basis points. The larger, $4 billion tranche of 10-year notes launched at a spread of Treasuries plus 135 bps. And the largest, $6 billion tranche of 30-year notes launched at a spread of Treasuries plus 175 bps.

In addition, Koc Holding AS priced a large tranche of $750 million of six-year notes with a 6½% coupon. The notes priced at reoffer of 99.389, which would have boosted yield closer to initial talk for 6 7/8% to 7% yield. The Istanbul-based industrial conglomerate jumped into a market that had been very positive on Turkish debt.

Elsewhere, Beijing’s Export-Import Bank of China (Chexim) priced a €1 billion issue of 0.3% two-year notes on Wednesday, according to a market source.

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