Issuance from Ghana; Emaar moves lower, Burgan ticks higher; YPF plans Swiss franc notes

By Christine Van Dusen

Atlanta, Sept. 8 – Ghana priced notes on a favorable Thursday for emerging markets credit, even as oil prices continue their climb.

Against this backdrop, the primary market has picked up a bit.

“Middle Eastern issuers have used the short window after the summer lull and before next week’s local holidays to tap international debt markets,” a London-based analyst said.

The new issue of notes from Kuwait’s Burgan Bank SAK – $500 million 3 1/8% notes due 2021 that priced at 99.30 to yield mid-swaps plus 215 basis points – traded Thursday at 99.87 bid, 100.12 offered, a trader said. The deal attracted more than $1.5 billion of offers.

Dubai-based property developer Emaar Properties’ new issue of $750 million 3.635% Islamic notes due 2026 that priced at par to yield mid-swaps plus 225 bps was seen on Thursday at 99.85 bid, 99.97 offered. The final book for Emaar’s deal was more than $2.3 billion, a trader said.

“On face value, the Emaar ticked more boxes – sukuk, redemption last month, corporate, well-regarded name,” another trader said. “However, in a mildly surprising first hour, Burgan raced 90 cents higher and Emaar pushed below par.”

In other deal-related news, Argentina’s YPF SA will set out on Sept. 12 for a roadshow to market an inaugural issue of Swiss franc-denominated notes, a market source said.

© 2015 Prospect News.
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