Morning Commentary: Nogaholding eyes seven-year notes; Blom Bank prices; market mostly quiet

By Rebecca Melvin

New York, April 30 – Bahrain’s Nogaholding announced a note offering, and Blom Bank sal’s newly priced 7˝% seven-year notes were in the market after the Lebanese lender priced the $300 million deal on Friday.

Overall, however, the market was quieter ahead of the May 1 holiday in Europe and elsewhere and the beginning of the U.S. Federal Open Market Committee meeting on Tuesday.

Nogaholding selected banks and scheduled fixed-income investor meetings starting on Tuesday for a planned U.S. dollar-denominated benchmark offering of seven-year notes. Islamic Development Bank was also said to be in the market for a euro-denominated benchmark sukuk, but this could not be confirmed by Prospect News’ deadline.

Republic of Angola was not seen in the market although the sovereign held investor meetings for a planned offering of dollar-denominated 10-year notes in the United States and Europe last week.

Angola’s 2025 bonds were struggling a bit at 112.25 bid, 113 offered, a London-based trading source said.

“They were wider on the week, but so was most of Africa,” the trader said.

Many European markets will be shut on Tuesday for the May 1 labor day holiday.

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