Morning Commentary: Oman’s $6.5 billion of new notes in three tranches trade mixed

By Rebecca Melvin

New York, Jan. 11 –The Sultanate of Oman’s new $6.5 billion of notes in three tranches traded mixed on Thursday upon release for secondary market dealings, according to a market source.

The new five-year notes slipped from initial pricing while the 10-year and 30-year maturities lifted.

The sovereign’s older notes were mostly slightly wider in terms of spread, but the near-dated 3 5/8% notes due 2021 were 1.6 basis points tighter, and the far-dated 6½% notes due 2047 were also slightly tighter.

The new 4 1/8% notes due 2023 were seen in the market at 99.38 bid, 99.47 offered, which was off slightly from 99.549 where they initially priced.

But the new 5 5/8% notes due 2028 were at 99.95 bid, 100.05 offered, which was a little higher than their 99.803 pricing point. And the 6¾% notes due 2048 were seen at 99.62 bid, 99.97 offered, which was about a point higher than the 98.796 new issue price point.

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