Nogaholding, Islamic Development eye euro notes; Blom Bank prices; market mostly quiet

By Rebecca Melvin

New York, April 30 – Bahrain’s Nogaholding and Islamic Development Bank have selected banks and scheduled roadshows for their respective notes offerings announcement on Monday, and Lebanon’s Blom Bank sal’s newly priced 7½% seven-year notes were in the market after the lender priced $300 million of the notes on Friday.

Nogaholding is planning a dollar-denominated benchmark offering of seven-year notes with meetings set to start on Tuesday and. Islamic Development is planning a euro-denominated benchmark sukuk of either five or 10 years maturity, with meetings slated to begin next Monday.

Overall, the emerging markets started off the week on a quiet note ahead of the May 1 holiday in Europe and parts of Latin America and the beginning of the U.S. Federal Open Market Committee meeting on Tuesday.

The Republic of Angola was not seen in the market although the sovereign held investor meetings for a planned offering of dollar-denominated 10-year notes in the United States and Europe last week.

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

Angola’s 2025 bonds were struggling a bit at 112¼ bid, 113 offered, a London-based trading source said.

“They were wider on the week, but so was most of Africa,” the trader said.

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