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Morning Commentary: Oil prices flat ahead of Fed speech; investors eye Kazakhstan deal; Oman active
By Christine Van Dusen
Atlanta, March 3 – Oil prices were mostly flat ahead of a speech from Federal Reserve chairman Janet Yellen on Friday as Eastern and Southern African Trade and Development Bank’s (TDB) tender neared its deadline and Oman stayed active in trading.
Oil prices, which on Thursday dipped on reports that Russia was not doing its part to reduce oversupply, ticked up Friday morning by about 0.53%.
Meanwhile, ahead of Yellen’s speech, “investors started to price in early hikes from Fed,” according to a report from Schildershoven Finance BV.
In trading on Friday morning, Oman’s new notes continued to see action.
The 3 7/8% five-year notes that priced at 99.488 to yield 3.989%, or mid-swaps plus 190 basis points, traded Friday morning at 99.65 bid, 100.05 offered.
And the 6½% 30-years that priced at 99.36 to yield 6.549%, or mid-swaps plus 387.5 bps, traded at 100.12 bid, 101.12 offered on Friday.
Alizz, Citigroup, Dubai Islamic Bank, Gulf International Bank, HSBC, JPMorgan and Standard Chartered Bank were the bookrunners for the Rule 144A and Regulation S deal.
The proceeds from the issue will be used to address the sultanate’s budget deficit.
Also receiving some attention on Friday was JSC Halyk Savings Bank of Kazakhstan, which has entered into an as-yet non-binding agreement to acquire a controlling interest in Kazakhstan’s Kazkommertsbank (KKB) and prop up the struggling lender.
“The possible deal between Halyk and KKB develops in a win-win scenario,” according to a report from Schildershoven Finance. “The news may support both Halyk and KKB eurobonds.”
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