Oman Electricity sells $500 million notes, trades with ‘very good flow’; Enjoy taps market

By Colin Hanner

Chicago, May 10 – Emerging markets saw at least one new benchmark deal come to market on Wednesday from Oman Electricity Transmission Co. SAOC, which sold $500 million of 5.196% 10-year notes at par, the company said in a news release.

Initial price talk for the notes (//BBB) was in the mid-swaps plus 300 basis points area, a market source said.

The Rule 144A and Regulation S deal was priced via OmGrid Funding Ltd.

J.P. Morgan Securities plc and Bank Muscat are the stabilizing managers for the deal.

The notes are expected to settle on May 16.

After the issue priced, a market source said there was “very good flow” for the bonds, quoting them at 101.10 bid, 101.20 offered during afternoon trading. Another market source quoted the bonds at 101 bid, 101.20 offered.

“The new [Oman Electricity] opens well following the positive tone in Asia,” a market source said.

By comparison, Oman’s 3 7/8% notes due 2022 were up by nearly 1 point to 100.93 bid, 101.43 offered.

The sovereign’s 4¾% notes due 2026 were up 10 bps to 100.65 bid, 100.75 offered.

Meanwhile, Santiago, Chile-based hotel and casino operator Enjoy SA priced $300 million 10½% five-year notes (B-/B) at par on Wednesday, a market source said.

The downsized Rule 144A and Regulation S deal was originally sought at $330 million, a market source said.

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