Yapi Kredi holds in well; Oman will hit the road; Nigeria plans new deal

By Christine Van Dusen

Atlanta, Feb. 23 – Turkey-based Yapi ve Kredi Bankasi AS (Yapi Kredi) and other recent new issues saw activity in the secondary market on Thursday as Oman announced a roadshow and the Nigeria lined up another new deal.

Yapi Kredi’s new $600 million 5¾% notes due 2022 that priced at par to yield Treasuries plus 383.7 basis points held in well on Thursday, a trader said.

“Despite the heavy trading at launch and the overly generous allocations, bonds have held in well,” he said. “If we had not seen the wider market rally then things could have turned ugly, but for now, bonds are trading at 99.75 bid, 99.90 offered and stable.”

Oman will set out on Friday for a roadshow to market its upcoming issue of up to $2 billion of bonds, a market source said.

And Nigeria could issue another $500 million of bonds, a market source said. Earlier this month the sovereign priced $1 billion of notes due in 2032 at par to yield 7 7/8%, following talk in the 8½% area.

In other trading on Thursday, the recent notes from Kuwait’s Equate Petrochemical Co. KSCC – $500 million 3.944% Islamic bonds due Feb. 21, 2024 that priced at par to yield mid-swaps plus 175 bps – received some attention, a trader said.

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