Bahrain’s new tranches improve on first-day trading; Oman softer; GeoPark, Jujuy price

By Rebecca Melvin

New York, Sept. 14 – Bahrain’s three new issues edged up in trade on Thursday after the Middle Eastern sovereign priced $3 billion of notes in a triple-tranche deal that included an $850 million sukuk and two conventional tranches due 2029 and 2047.

Bahrain’s 5¼% notes due 2025 traded as high as 100.4 after pricing at par. The new sukuk settled at 100.35 on the day, a London-based trader said.

The new 6¾% notes due 2029 traded as high as 100.53 during the session and settled around 100.10, while the new 7½% long-dated note moved up to as high as 101¼ before slipping back to the 100.40 area.

The bonds of the Oman sovereign were a little weaker, possibly on the back of the new Bahrain paper drawing a lot of eyes in the market. Likewise, Qatar and Saudi Arabia were “better offered,” the trader said.

In Latin America, Buenos Aires-based GeoPark Ltd. priced an upsized $425 million of 6½% seven-year senior secured notes under Rule 144A and Regulation S on Thursday. The deal was initially expected to be $325 million in size.

And Argentina’s Jujuy Province placed $210 million of five-year 8 5/8% green bonds, the first of their kind placed by an Argentine government body, and the issue was 3.4 times oversubscribed.

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