Mexico, Banco del Estado price; Oman, Slovenia mandate banks amid strong secondary

By Rebecca Melvin

New York, Jan. 3 – The emerging markets primary was off to a strong start for 2018 with new deals announced and priced on Wednesday by Mexico and Banco del Estado de Chile, and mandates announced by Oman and Slovenia, according to market sources.

The new deals were getting underway against a backdrop of strength in the secondary market, a London-based trader said. In the Middle East and Africa region, there has been “relentless demand for the most part” over the first two trading days of the year.

The Oman sovereign curve was called just 1 to 3.5 basis points wider as a triple-tranche offering of five- 10- and 30-year notes started to roadshow.

Oman’s 2022 notes were seen last at 100.625 and at a z-spread of 147 bps, the Oman 2027 notes traded last 100.875 at a spread of 286 bps, and the Oman 2047 notes were last bid at par at 396 bps, the trader said.

Meanwhile Lebanon was very strong and called 10 bps to 20 bps tighter, depending on the tenor.

The new bond offerings should see decent demand given the secondary market tone, the trader said.

Mexico priced $2.6 billion in new global notes including $2 billion in a new 10-year maturity and a $600 million tap of its 4.6% global notes due 2048.

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