Paraguay taps EM primary market for $560 million; BankMuscat sells $500 million notes

By Paul A. Harris

Portland, Ore., March 8 – The emerging markets primary saw new supply on Thursday from the Republic of Paraguay and BankMuscat amid a recent steady flow of new deals.

Paraguay priced $560 million of 5.6% 30-year sovereign paper.

And Oman-based BankMuscat priced $500 million of 4 7/8% five-year notes at 99.2 to yield 5.058%, or mid-swaps plus 230 basis points.

The secondary market was described by a trader as flat to slightly positive as the London business day was coming to a close.

Ongoing strength in new issuance is viewed as having generally hampered the secondary market, the source said.

Senegal was softer in secondary trading after the sovereign priced €1 billion 10-year notes and $1 billion 30-year notes on Tuesday.

Paraguay priced $560 million of 30-year sovereign notes (Ba1/BB/BB) at par to yield 5.6% on Thursday.

The yield came tight to guidance in the high 5% area.

Citigroup and JPMorgan were the joint bookrunners.

Oman's BankMuscat priced $500 million of 4 7/8% five-year notes at 99.2 to yield 5.058%, or mid-swaps plus 230 bps.

Pricing was tight compared to initial talk for a yield in the mid-swaps plus 250 bps area.

The notes were marketed by Bank ABC, BankMuscat, Citigroup, Credit Agricole CIB, Emirates NBD Capital, First Abu Dhabi Bank, HSBC and ICBC Standard Bank.

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