Oil prices flat ahead of Fed speech; investors eye Kazakhstan deal; Oman active

By Christine Van Dusen

Atlanta, March 3 – The news that the Federal Reserve could raise rates this month did not roil emerging markets assets, which seemed to have already priced in this likelihood on a Friday that also saw mostly flat oil prices and active trading for Oman.

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. Near the end of the session the notes were spotted at 99¾ bid, par offered.

And the 6½% 30-years that priced at 99.360 to yield 6.549%, or mid-swaps plus 387.5 bps, traded at 100.12 bid, 101.12 offered on Friday morning. Later in the day the notes were seen at 100.12 bid, 100½ offered.

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 BV. “The news may support both Halyk and KKB eurobonds.”

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