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Ukraine prices $2 billion dual trancher; two sukuk issues hit market; Brazil outperforms
By Rebecca Melvin
New York, Oct. 25 – Ukraine launched and priced $2 billion of long five-year and 10-year notes on Thursday, and several new deals were in the market after pricing on Wednesday as market volatility continued to rock most asset classes.
Ukraine priced $750 million of 9% notes due 2024 and $1.25 billion of 9¾% notes due 2028, with final terms tighter by a full 25 basis points compared to initial talk for both tranches.
In the Middle East and Africa region, two new sukuk deals hit the market including Oman’s large $1.5 billion seven-year sukuk, which priced at par to yield mid-swaps plus 280 bps.
The second sukuk was a $500 million issue of seven-year sukuk certificates priced by United Arab Emirates’ utility National Central Cooling Co. PJSC, or Tabreed. This deal has a distribution rate of 5½%.
Elsewhere, Latin America’s primary debt market was quiet, with its secondary market “doing okay versus the rest of the market,” according to a New York-based market source.
Brazil continued to outperform the Latin America market, as those assets ride a wave of enthusiasm in the last several weeks on expectations that the right-wing, market friendly candidate, Jair Bolsonaro, will win the final run off ballot on Sunday.
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