Bahrain Mumtalakat trades, plans new deal; Latvia offering on tap; Asia issues price

By Rebecca Melvin

New York, Feb. 11 – Bahrain Mumtalakat Holding Co. BSC’s existing notes were trading early Monday after the real estate company announced that it is planning to price a new dollar-denominated benchmark offering of five-year Islamic bonds, or sukuk, according to a London-based trader.

The older notes were seen at 97.125 bid, 97.625 offered with a z-spread of 254 basis points on the bid side.

The issuer has mandated BNP Paribas, Citigroup, HSBC, National Bank of Bahrain and Standard Chartered to organize roadshow meetings for the proposed offering on Tuesday.

After a rout at the end of 2018, Bahrain’s sovereign spreads tightened dramatically through January with the country’s 5 7/8% notes due 2021 tightening 60 basis points for the first month of the year.

Also on Monday, the Republic of Latvia announced that it plans to price a new euro-denominated 30-year benchmark offering of notes. The Regulation S deal is being marketed via Citigroup, Credit Agricole and Goldman Sachs.

In Asia, market players were back in full swing following last week’s New Year’s holiday. Shanghai-based Zhenro Properties Group Ltd. joined the new issue calendar for a dollar-denominated note.

Meanwhile, Guangzhou, China-based China Aoyuan Property Group Ltd. priced $225 million 7.95% five-year notes at par on Monday. The proceeds will be used to refinance existing debt.

Shanghai-based Baoxin Auto Finance I Ltd. priced $300 million of 7.9% senior notes due 2020.

© 2015 Prospect News.
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