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Dubai Islamic Bank prints notes; Vale, Turkey see action in secondary; Equate preps deal
By Christine Van Dusen
Atlanta, Feb. 7 – Dubai Islamic Bank PJSC sold notes on a Tuesday that saw some activity in the secondary market for Brazil-based Vale SA and bonds from Turkey.
The new issue of notes from Vale – a $1 billion add-on to its 6¼% notes due 2026 – traded at 107¾ bid, 108¼ after pricing Monday at 107.793.
Bonds from Turkey were between 7 bps and 8 bps wider on Tuesday morning, a trader said.
“Few long-end bids are creeping in as shorts cover and buyers of risk look to pick up risk at steeper levels,” he said. “The 2043 is underperforming on the curve as index money sells. Front-end bonds are also off the tights, with real-money trimming at the tights. The 2022s remain bid from locals.”
Banks and corporates from Turkey saw better two-way activity, widening by only 3 bps to 4 bps, he said.
In its new deal, Dubai Islamic Bank priced $1 billion 3.664% notes due Feb. 14, 2022 at par to yield 3.664%, or mid-swaps plus 170 bps, a syndicate source said.
The notes priced tighter than talk, set initially in the 185 bps area.
In other deal-related news, Kuwait’s Equate Petrochemical Co. KSCC set the size at $750 million and the tenor at seven years for its upcoming issue of Islamic bonds, a market source said.
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