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Morning Commentary: Holiday weekend quiets global markets; Oman new issue up; Dr. Peng prices
By Colin Hanner
Chicago, May 26 – Activity was especially mild in emerging markets on Friday, with no new issues announced Thursday or Friday in many markets, a market source said.
The start of Ramadan on Friday will see a decrease in new issues from the Middle East during that holiday period, the source said.
With the implementation of elongated cuts from the Organization of Petroleum Exporting Countries agreed upon on Thursday – which will extend current production cuts through March 2018 – crude oil futures were down remarkably, as were respective sectors.
Yet, “people weren’t waiting to come to the market with new issues” on the back of OPEC’s decision and an expected slow week ahead, a market source said, adding that the pipeline is expected to pick up once again on Tuesday.
In sovereign Middle Eastern markets, Saudi Arabia was unchanged or slightly higher across the board, with its 2 3/8% notes due 2021 up 7 basis points to 98.92 bid, 99.07 offered.
Its 3.628% notes due 2027 were unchanged at 100.70 bid, 101.95 offered.
Day over day, Saudi bonds are up more than 10 bps.
Oman’s recent issue, $2 billion of 4.397% seven-year notes, was quoted at 100.09 bid, 100.17 offered, up from its par issuance on Tuesday.
From Asian markets, Dr. Peng Telecom & Media Group Co., Ltd. priced $500 million 5.05% three-year notes at par on Thursday, a market source said.
Talk on the Regulation S notes (Ba2/BB) tightened to a yield of 5.05% from the 5˝% area, a market source said.
Demand for the deal was more than $2.5 billion, a market source said.
DBS Bank was the bookrunner for the deal.
Proceeds will be used for overseas investments and other general corporate purposes, Moody’s Investors Service said.
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