Energa, Bank of Shrajah price deals; Qatar Re sets roadshow; Stoneway creeps higher

By Paul A. Harris

Portland, Ore., Feb. 28 – Emerging markets debt traded flat to slightly better on Tuesday, sources said.

Among recent issues, the Stoneway Capital Corp. 10% senior notes due March 1, 2027 have crept higher, according to an investor who took particular note of the coupon.

The deal was 100¾ bid, 101¼ offered on Monday, the investor added.

The $500 million issue (B3/B) from the emerging markets focused company came at par on Feb. 10.

Middle East credit tightened during the European morning then gave it all back during the afternoon, a London-based trader said.

Russia tightened during the European day.

Turkey sold off in the sovereign. The Turkish lira was weaker on the day.

In the new issue market, United Arab Emirates-based Bank of Sharjah priced a $500 million issue of 4.23% five-year senior notes (Fitch BBB-) at a 225 basis points spread to mid-swaps.

Poland’s Energa SA priced a €300 million issue of 2 1/8% 10-year fixed-rate notes at 98.892 to yield 2¼%.

Qatar Re, the reinsurance unit of Qatar Insurance Co., plans to run a roadshow with fixed income investors this week ahead of a possible dollar-denominated offering of tier II perpetual notes which would come with 5½ years of call protection, a market source said.

Elsewhere in the primary market Slovenia and Slovakia finished roadshows on Tuesday, the London-based trader said.

Both have been shopping euro-denominated deals.

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