New Kenya tranches trade up; Belarus prices $600 million, but Trans-Oil Group pulls deal

By Rebecca Melvin

New York, Feb. 22 – Kenya’s newly priced $2 billion of eurobonds traded higher on Thursday after the sovereign priced 10- and 30-year tranches at yields that were tight compared to initial talk, according to a market source.

The Kenya 7¼% notes due 2028 were quoted late in the London session at 101.10 bid, 101.35 offered, and the longer-dated Kenya 8¼% notes due 2048 traded up to 102.20 bid, 102.60 offered, according to a London-based source.

Kenya’s existing notes were mixed with the spread on the near-dated Kenya 5 7/8% notes due 2019 blowing out by 35 basis points, while the spread on the medium term 2024 notes tightened slightly by 3.8 bps.

Also making a debut in the market on Thursday was another deal for Belarus. Its $600 million of 6.20% notes due 2030 sported a new issue premium that was within the existing curve, according to a market source.

But another emerging Europe issuer, Moldova’s Trans-Oil Group of Cos. pulled its deal for $225 million of five-year notes, which was talked at 6½% yield. The postponement represented the second time in as many weeks that an emerging Europe deal was withdrawn. Last week, GTLK Europe Capital DAC canceled its benchmark offering of dollar-denominated seven-year Regulation S senior notes.

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