EM debt little changed in quiet trade; DP World preps deals; market eyes Papua New Guinea

By Rebecca Melvin

New York, Sept. 10 – Emerging markets debt was quiet to start the new week on Monday, with spreads mostly narrowly mixed while the U.S. dollar was little changed and U.S. Treasuries were stronger, according to market sources.

In the new issue market, DP World Ltd. and DP World Crescent Ltd. announced plans to issue a new 10-year sukuk as well as a 30-year benchmark of dollar bonds.

“DP World mandate about the highlight” of the session, a London-based trader said.

Fixed-income investor meetings for the Dubai-based container terminal operator’s new paper are set to begin on Wednesday. The company is also tendering for a 2019 sukuk.

National Bank of Oman SAOG, which was already on the calendar for a new deal, announced Monday a tender for up to $300 million of its $600 million 3 1/8% notes due 2019 using proceeds of the new deal.

Meanwhile, the planned Papua New Guinea U.S. dollar-denominated benchmark offering of senior unsecured notes (expected rating: B2/B) was being watched as a barometer of the emerging markets debt markets if successfully priced.

The Rule 144A and Regulation S Papua New Guinea notes were expected to have a tenor of five to 10 years and were being sold via Citigroup and Credit Suisse as bookrunners.

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