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New Emirates NBD Bank notes slip; EM soft but sees late bounce; Lebanon mixed to tighter
By Rebecca Melvin
New York, Nov. 8 – Emirates NBD Bank PJSC’s newly priced 3¼% notes slipped below issue price in trade on Wednesday after the Dubai-based bank priced $750 million of the five-year notes below par at 99.726, according to market sources.
The new Emirates NBD Bank bond was seen at 99.40 bid, 99.60 offered in trade, one source said.
Turkey and the Middle East were particularly soft, the source said.
The market shock came on the heels of Saudi Arabia’s crackdown on Saturday on alleged corruption among the kingdom’s political and business leaders.
Lebanon was mixed with some spread tightening occurring.
Meanwhile new deals continued to price. In Central & Eastern Europe, Russia’s Petropavlovsk plc priced its first dollar benchmark, a $500 million offering of 8 1/8% five-year notes at par.
The Republic of Lithuania priced a €350 million tap of its existing 0.95% notes due 2027 at 100.929 and a €200 million tap of its existing 2.1% notes due 2047 at 104.345, according to a market source on Wednesday.
African Development Bank plans to price $2 billion of 2 1/8% five-year global notes on Wednesday with a final spread of mid-swaps plus 12 basis points, according to a market source.
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