Brazil, Russia launch, price deals; QNB launches five-year notes at mid-swaps plus 130 bps

By Rebecca Melvin

New York, March 21 – The emerging markets primary was active on Thursday with both Federative Republic of Brazil and Russia, which have been scarce in the new issue market recently, announcing and pricing deals.

Brazil priced $1.5 billion of 4½% notes due 2029 at a reoffered 98.385 to yield 4.7%, or a spread of U.S. Treasuries plus 215.8 basis points. That was tight compared to initial talk for yield in the area of 4.95%.

Russia, through its Ministry of Finance, priced $3 billion new 16-year notes to yield 5.1% and a €750 million tap of its 2 7/8% notes due 2025 to yield 2 3/8%.

Pricing of the new Russia notes came well tight to initial talk in the area of 5½%, and pricing of the 2 7/8% 2025 notes priced tight to initial talk of 3 5/8% area, according to a market source.

Also new to the market was a deal for Qatar National Bank QPSC, which has launched $1 billion offering of five-year notes.

QNB managed a sweet price for yield of mid-swaps plus 130 bps, which was tightened from initial price talk of mid-swaps plus 150 bps to 155 bps.

In addition, Sharjah Islamic Bank has selected banks and scheduled roadshow meetings for a planned dollar-denominated benchmark sukuk, or Islamic bond, according to a market source on Thursday.

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