Markets drift down with U.S. politics; Slovenia prices taps; QIB prices benchmark sukuk

By Colin Hanner

Chicago, May 17 – Wednesday brought on a continuous stream of new issues in emerging markets, though in terms of activity, markets drifted downward with the shaky ground under the U.S. political landscape.

“Things are off today [in emerging markets], but everything is off today,” a market source said when asked about the secondary market. “Today’s definitely more of a risk-off day.”

Although the new deal space seems to be picking up, a market source said that away from larger companies that have issued in recent months and have reported earnings “most companies are still in the middle of getting financials out.”

Slovenia priced €2 billion of taps of its notes due March 22, 2027 and Nov. 3, 2040, according to a market source.

Doha-based financial services company, Qatar Islamic Bank SAQ, sold $750 million 3.251% sukuk at par, a market source said.

Sun Hung Kai Properties Ltd. priced $500 million 4.45% perpetual notes at par on Tuesday, a market source said.

Two countries are expected to price some new issues in the near future.

Lithuania plans to offer euro-denominated notes due 2027 and 2037, a market source said Wednesday.

Oman is expected to sell $2 billion of sukuk in the coming weeks, a market source said, citing comments made by Oman finance minister Darwish Al Balushi in a media report.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.