Qatar’s Mannai pulls deal; Omantel 2023s edge up, 2028s flattish; Noor Bank flat to lower

By Rebecca Melvin

New York, April 18 – The Middle East region was active in emerging markets on Wednesday, with market players quickly looking past the pulled deal of Qatar’s Mannai Corp. QPSC to evaluate and trade Oman Telecommunications Co. SAOG’s new $1.5 billion of 5½-year and 10-year notes and Noor Bank PJSC’s $500 million five-year sukuk.

Mannai was planning a dollar-denominated perpetual note that was non-callable for five years.

The Doha, Qatar-based information-technology services, retail and automotive company was a debut issuer and could not get any traction on its deal, a London-based trader commented.

“It was the wrong type of issue,” the trader added, regarding the perpetual notes offer.

Meanwhile, Omantel’s new 5 5/8% notes due 2023 edged up slightly and were quoted at 99 bid, 99¼ offered compared to an issue price of 98.839. It’s sister tranche of 6 5/8% notes due 2028 was flat to just slightly higher at 98¼ bid, 98½ offered.

And Noor Bank’s 4.471% five-year sukuk was quoted at 99.85 bid, 100.05 offered after the Islamic bond priced at par.

In the Latin America region, Banco de la Cuidad de Buenos Aires continued fixed-income investor meetings for a peso-denominated international offering of floating-rate notes. No conclusion for the roadshow is being released, according to a syndicate source.

Light SA was also roadshowing its proposed offering of five-year dollar notes and Transportadora de Gas Internacional SA was shopping a 10-year dollar note.

But no deals were heard to have priced. Last week, a bumper crop of Latin America deals priced on Thursday.

In Asia, Hong Kong-based luggage company Samsonite International SA priced an upsized €350 million issue of eight-year senior notes at par to yield 3½% on Wednesday. The issue size was increased from €300 million.

Pricing came at the tight end of the 3½% to 3 5/8% yield talk and inside of initial talk in the 3¾% area.

Meanwhile, Shenzhen, China-based residential real estate developer Vanke Real Estate (Hong Kong) Co. Ltd. priced $971 million of 4.15% notes due 2023 under its $7 billion medium-term note program.

Among proposed deals announced, China’s Huawei Investment & Holding Co., Ltd. chose banks and scheduled fixed-income investor meetings for a proposed 10-year U.S.-dollar note tranche and/or a debut issue of five- to seven-year euro-denominated notes. A longer tenor dollar tranche may also be considered, according to a market source.

Meetings in Asia and Europe and a global fixed-income investor conference call are beginning on Wednesday.

And the Philippines’ Cebu Landmasters Inc. said it plans to issue corporate notes. Proceeds will fund planned capital expenditures like land acquisition, project development and investments in joint ventures.

The real estate developer is based in Cebu, Philippines.

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