FirstRand trades up; Indonesia prices euro, dollar notes; KazMunayGas, Omantel set talk

By Rebecca Melvin

New York, April 17 – FirstRand Bank Ltd.’s newly priced 6¼% 10-year notes traded well early Tuesday after the Johannesburg-based financial services company priced $500 million of the tier 2 subordinated notes at 99.472 to yield 6 3/8%, according to a London-based trader.

The FirstRand deal was seen 101¼ bid, 101¾ offered.

Meanwhile, the European session in emerging markets was busy, with a euro-denominated seven-year tranche from Indonesia at €1 billion in size to yield mid-swaps plus 115 basis points. Indonesia also priced $1 billion of 10-year notes.

Kazakhstan’s state-owned oil and gas company’s KazMunayGas was guiding pricing on three tranches of dollar notes for a yield on the seven-year notes at 4¾% to 4 7/8%, for the 12-year notes at 5 3/8% to 5½% and for the 30-year notes at 6.45% to 6.6%.

Terms were also firming for Oman Telecommunications Co. SAOG (Omantel)’s two-tranche benchmark offering of five- and 10-year notes.

Omantel’s $600 million notes due Oct. 24, 2023 launched with a yield of 5 7/8%, which was below guidance of 6 1/8% to 6¼% and initial price talk of 6 3/8% to 6½%. And its $900 million of notes due April 24, 2028 launched with a yield of 6 7/8%, which was below guidance of 7% to 7 1/8% and initial price talk at 7¼%.

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