MENA region bonds price; Nogaholding, Mubadala tranches edge up; CEE, LatAm primary quiet

By Rebecca Melvin

New York, Nov. 1 – New bonds of several Gulf Cooperation Council credits debuted in the emerging markets secondary on Thursday, but the Central & Eastern Europe and Latin America regions were quiet as the asset class limped into November, according to market sources.

The new tranches of Bahrain’s Oil & Gas Holding Co. BSC edged up after the oil and gas investment and development concern priced $1 billion of notes in dual six- and 10-year tranches on Wednesday.

The $500 million Nogaholding 7 5/8% notes due 2028 were seen trading at 100.80 bid, 101.20 offered, a London-based trader said. And the $500 million Nogaholding 8 3/8% notes due 2028 were seen doing even better at 101 bid, 101.37 offered.

Abu Dhabi’s Mubadala Development Co. PJSC’s 4½% 10-year notes edged higher after the sovereign wealth company priced $800 million of the senior unsecured notes at 99.586 to yield 4.552%, or mid-swaps plus 135 basis points. The new Mubadala notes were seen in trade at 99.85 bid, 100 offered.

And also new to the market was Islamic Development Bank’s €650 million five-year sukuk, which priced at par with a distribution rate of 0.554%. It was priced at a spread of mid-swaps plus 20 bps, but those notes were not a feature of trade.

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