EM debt drags, but MENA primary active; Tunisia prices €500 million notes; Oman on deck

By Rebecca Melvin

New York, Oct. 24 – Emerging markets debt was pulled lower with the broader markets on Wednesday as worries about global growth buffeted U.S. stocks and sent the CBOE Volatility index up 22% on the day to 25.23. But activity in the emerging markets debt primary market remained strong.

Tunisia launched and priced €500 million of 6¾% five-year notes on Wednesday following a series of fixed-income investor meetings. The notes priced to yield 7%, which was at the tight end of guidance in the 7 1/8% area and initial talk in the low 7% area.

Orders for the deal were in excess of €900 million at the time guidance was released.

Also in the Middle East and Africa region, Oman was readying to price a U.S. dollar-denominated seven-year sukuk, which was talked to yield mid-swaps plus 285 basis points. And Abu Dhabi’s National Central Cooling Co. PJSC, or Tabreed, announced that it was planning to price $500 million of seven-year senior unsecured sukuk certificates.

Bahrain’s Oil & Gas Holding Co. BSC, or Nogaholding, has mandated banks and scheduled fixed-income investor meetings for a proposed U.S. dollar-denominated benchmark offering of six- and/or 10-year notes.

From Asia, Korea Housing Finance Corp. said it plans to sell €500 million of covered bonds due Oct. 30, 2023, according to a syndicate source on Wednesday.

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