Africa Finance issues notes; Sinopec multi-tranche deal active; Noor Bank underperforms

By Christine Van Dusen

Atlanta, April 22 – Nigeria’s Africa Finance Corp. priced new notes on a Wednesday that was active in the secondary market for the new five-tranche issue of dollar- and euro-denominated notes from China Petrochemical & Chemical Corp. (Sinopec Group).

In other trading from Asia, most credits closed the session a little bit wider amid profit-taking on recent issues, a London-based trader said.

“New issues were mixed, with some profit-taking,” he said.

The new 2025 notes from Taiwan’s Formosa Plastics Group, which priced at a spread of 157 bps over Treasuries, moved to 158 bps and closed the Asian session at 160 bps.

“Malaysia’s 10-year and 30-year sukuk outperformed today,” he said, noting that the 10-years were 4 bps tighter and the 30-years 6 bps tighter.

“In the high-yield space, China property closed unchanged to ¼ point lower,” he said. “High-yield sovereigns were higher, with Philippines’ long end up ¼ point, 1 bp to 3 bps tighter on spread, while Indonesia’s long end outperformed, up ½ point to ¾ point on light flow.”

Among assets from the Middle East, Saudi Electricity Co.’s 2044s closed a couple of basis points better on Wednesday, a trader said.

And the new issue from Dubai-based Noor Bank PJSC – 2.788% notes due 2020 that priced at par to yield mid-swaps plus 130 bps – was “sluggish,” he said.

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