Sabic, Albania announce new deals; UAE’s Aldar prices $500 million sukuk; Argentina quiet

By Rebecca Melvin

New York, Sept. 24 – The Middle East & Africa region continued to dominate the emerging markets primary market on Monday with a new mandate from Saudi Arabia’s Saudi Basic Industries Corp. (Sabic) and pricing emerging on a deal from United Arab Emirates’ Aldar Investment Properties PJSC for a $500 million seven-year sukuk.

But away from MENA, the Republic of Albania also joined the calendar with a planned euro-denominated offering of notes with an intermediate tenor.

Elsewhere, the market was quiet ahead of the Fed meeting. News headlines for both Argentina and Turkey did not appear to move the needle on debt as the broader markets saw weaker U.S. stocks and U.S. Treasuries.

On Monday, Argentine President Mauricio Macro said that Argentina is close to an International Monetary Fund deal and that there is “zero chance” Argentina would default on its debts next year.

The IMF has already agreed to a $50 billion credit line for Argentina and according to reports the country needs $3 billion to $5 million of additional IMF credit.

On Monday the Argentine peso improved 0.13% to 37.33 to the dollar.

Argentina’s 7 1/8% notes due 2117, known as the century bond, was unchanged in trade at 75.

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