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New Abu Dhabi tranches flattish, edge higher in active trade; Isbank tap eyed
By Rebecca Melvin
New York, Oct. 4 – Abu Dhabi’s three new tranches of notes were flattish to slightly higher in active trade on Wednesday after the sovereign priced $10 billion of the senior notes at the tight end of revised talk.
Abu Dhabi’s new 2½% notes due 2022 were seen around 99.85 about midsession after the $3 billion of five-year notes priced at 99.669 to yield 2.571%, or a spread of Treasuries plus 65 basis points, a London-based trader said.
The Abu Dhabi 3 1/8% notes due 2027 traded at 99.32 after the $4 billion tranche of 10-year notes priced at 99.473 for an initial yield of 3.187%, or Treasuries plus 85 bps.
The Abu Dhabi 4 1/8% notes due 2047 traded above par at 100.05 after the $3 billion tranche priced at 99.115 for an initial yield of 4.177%, or a spread of Treasuries plus 130 bps.
“All traded big size during the day,” the trader said.
The Rule 144A and Regulation S notes for the Middle Eastern sovereign follow on the heels of another mega deal from the region, namely Saudi Arabia’s $12.5 billion in three tranches, which priced last week.
Elsewhere, Turkiye Is Bankasi AS (Isbank) plans to price an add-on to its 6 1/8% notes due 2024 that was talked to yield in the area of 5¾%. While the timing was deemed favorable for the planned add-on, with rates proving stable and Turkey risk performing well, pricing guidance showed only a small new issue premium with little further upside anticipated given current market conditions, sources said.
Price talk was guided from 5 7/8% area initially.
The original $750 million issue priced at par earlier this year in April.
Isbank is Turkey’s largest bank.
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