Morning Commentary: Growthpoint talking notes; Angola starts roadshow; oil prices waiver

By Rebecca Melvin

New York, April 24 – South Africa-listed real estate investment trust Growthpoint Properties Ltd. released price talk early Tuesday for a dollar-denominated offering of five-year notes. The REIT had postponed a proposed euro-denominated note at the end of last year.

The new Growthpoint notes were being talked with a 6% area yield.

Also in the Middle East and Africa region, the Republic of Angola has scheduled a series of fixed-income investor meetings in the United States and Europe for a planned offering of dollar-denominated 10-year notes, according to market sources.

The sovereign is also considering a second tranche of longer-dated bonds subject to investor interest.

More than 90% of Angola’s revenue comes from oil exports, and oil prices, which have been rising steadily this month, touched a multiyear high on Monday amid strong demand, heightened geopolitical risk and somewhat tighter supplies.

Oil prices were volatile on Tuesday as investors weighed whether oil will continue to climb or drop back amid a looser commitment to production curbs among OPEC members and major producers.

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