Damac, Oil India price; Mubadala, Saudi Arabia plan deals; LatAm ‘quiet’ ahead of Easter

By Colin Hanner

Chicago, April 11 – New deals in the emerging markets gravitated toward the oil space on Tuesday, with four different issuers sparking interest from investors.

There was a “massive glut of supply hitting the market” during morning trading, particularly Mubadala Development Co. PJSC, Saudi Arabia, Damac Real Estate Development Ltd. and KazMunayGas.

“[It was] a busy day,” a market source said. “We’re all trying to get done because tomorrow things will be quieter with Easter break. It’s actually surprising how much is coming this week because this week is traditionally a quiet week.”

“The underlying market tone is firm on light holiday week flow,” another market source said.

Damac Real Estate Development priced $500 million five-year notes to yield 6¼% on Tuesday, a market source said.

Oil India International Pte. Ltd. priced $500 million 10-year fixed-rate notes on Tuesday at par to yield Treasuries plus 172.5 bps, a market source said.

Mubadala Development is expected to price $850 million of seven-year senior notes and $650 million of 12-year notes, a market source said, though there was no final pricing as of Tuesday afternoon.

Saudi Arabia is set to price five- and 10-year notes on Wednesday, a market source said.

Kazakhstan-owned oil and gas company KazMunayGas will price a three-tranche deal in the next day, a market source said.

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