Holiday weekend quiets global markets; new Oman notes firm; Dr. Peng prices; PDVSA weaker

By Rebecca Melvin and Colin Hanner

New York, May 26 – With business muted on Friday by various holidays across the globe, primary emerging markets were mostly shuttered, and emerging market credits were narrowly mixed, according to market sources.

Spreads were firm in the Middle East and even strengthened somewhat as markets digested the implications of extended production cuts by the Organization of Petroleum Exporting Countries through March 2018.

Saudi Arabia was unchanged or slightly higher across the board on Friday, with its 2 3/8% notes due 2021 up 7 basis points to 98.92 bid, 99.07 offered. The Saudi 3.628% notes due 2027 were unchanged at 100.70 bid, 101.95 offered. And day over day, Saudi bonds were 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, which represented a slight lift from its par issue price 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.

In Latin America, credit was mostly flat to weaker, with Venezuela’s Petroleos de Venezuela SA bond series indicated lower by 0.5 point to 0.75 point on average.

But Brazil’s Petroleo Brasileiro SA bonds were up from earlier in the week.

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