Nogaholding sets terms on notes; Kazakhstan deal eyed as books close on tricky October

By Rebecca Melvin

New York, Oct. 31 – Bahrain’s Oil & Gas Holding Co. BSC set terms on $1 billion of notes in six- and 10-year tranches on Wednesday, which marked the last day of a volatile trading month for financial markets and shifting market focus to the yearend homestretch.

Nogaholding plans to price $500 million of 2024 notes to yield 7 5/8%, which was tightened from initial talk for yield in the 7 7/8% area, and $500 million of 2028 notes to yield 8 3/8%, which was tightened from initial talk for yield in the 8˝% area.

The size of the order book when terms were set was $2.5 billion, with skew to the six-year tranche.

Also in the Middle East and Africa region, Islamic Development Bank set its spread for a €500 million five-year sukuk to yield mid-swaps plus 20 basis points, which was tightened from initial price guidance at mid-swaps plus 20 bps to 25 bps.

There were no new issues announced or priced for the Central & Eastern Europe region, a London-based market source said. Although Kazakhstan could price as early as Thursday after wrapping up roadshow meetings for a planned euro-denominated senior unsecured note.

Latin America was also quiet, but in Asia Indonesia’s PT Pertamina (Persero) said it plans to sell a dollar-denominated, Rule 144A and Regulation S notes with 30-year duration.

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