Morning Commentary: New Israel Electric notes trade flat to lower; Gran Tierra on tap

By Rebecca Melvin

New York, Feb. 8 – Israel Electric Corp. Ltd.’s newly priced 4¼% notes traded flat to lower after the publicly controlled utility priced $1 billion of the notes due Aug. 14, 2028 on Thursday, according to a market source.

The Israel Electric notes were trading at 98.75 bid, 99 offered recently, compared to their reoffering price of 99.089.

Emerging market investors were also taking a look at a new deal for Greece, which launched a euro-denominated benchmark of seven notes. There were six bookrunners on the offering which saw price guidance tightened to a 3½% yield from the 3¾% area initially.

For the Latin America market, Gran Tierra Energy International Holdings Ltd. guided a $300 million offering of seven-year notes to a mid to high 6% area yield.

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