EM debt trades mixed; Apicorp launches $750 million five-year notes; two sukuk on tap

By Rebecca Melvin

New York, Sept. 11 – Emerging markets debt was mixed on Tuesday as higher oil prices and weaker U.S. Treasuries counterbalanced trade worries, Argentina’s fiscal problems and investor worries over the upcoming Brazilian presidential election for which leftist candidates continue to lead in polls.

In the primary market, Latin America remained quiet, but the Gulf Cooperation Countries saw bank and banking-related entities moving ahead with deals.

Arab Petroleum Investments Corp., or Apicorp, launched a $750 million offering of five-year notes on Tuesday to yield mid-swaps plus 117 basis points, and a pair of sukuk, or Islamic bonds, were heard to be on tap for Wednesday.

Meanwhile National Bank of Oman SAOG was roadshowing its five-year conventional note on Tuesday, and DP World Ltd. and DP World Crescent Ltd. will start a roadshow on Wednesday for a new 10-year sukuk and possible 30-year conventional benchmark.

The deals on tap for Wednesday include Abu Dhabi Islamic Bank’s tier 1 perpetual security, which is non-callable for five years, and Al Hilal Bank’s five-year paper.

Meanwhile, Islamic Development Bank announced that it is preparing a sukuk, selecting banks and scheduling a roadshow for a five-year dollar deal.

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