KazMunayGas, Mubdala, Saudi Arabia, Damac expect new deals; AFC prices; secondary quiet

By Colin Hanner

Chicago, April 7 – Geopolitical events overnight had secondary bond markets quiet on Friday, gaining if anything, a market source said.

A market source said he expected the secondary market to pick up with rising inflows.

“We’re seeing a massive inflow,” in emerging markets, a market source said. “The money has to go somewhere.”

For the week ahead, a market source said Astana, Kazakhstan-based state-owned oil and gas company KazMunayGas would be finishing up a roadshow for a multi-tranche dollar-denominated deal with a combination of a five-year, 10-year and/or 30-year tenor offer.

Abu Dhabi’s Mubadala Development Co. PJSC will hold an investor call on Monday, a market source said. The source said the deal is expected to be for dollar-denominated seven-year and 12-year senior unsecured notes.

Saudi Arabia’s inaugural sukuk deal “will be on the road on Sunday,” a market source said, for dollar benchmark five- and 10-year sukuk transactions.

And Damac Real Estate Development Ltd., after holding investor meetings over the past week, is expected to come to the market with a five-year sukuk transaction.

In other deal-related news, Africa Finance Corp. priced $500 million of 3 7/8% seven-year notes to yield 4% on Thursday, a market source said.

And Latvia’s 4finance SA announced on Friday that it expects its newly issued five-year notes to yield between 10½% and 11%.

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