Morning Commentary: Primary awakens; Nogaholding, Abu Dhabi Crude Oil, Apicorp announce deals

By Rebecca Melvin

New York, Oct. 18 – Emerging market investors were eyeing new deals announced early Wednesday, including Abu Dhabi Crude Oil Pipeline LLC’s about $3 billion of senior notes in 12-year and 30-year tranches, Bahrain-based Nogaholding’s deal for $1 billion of 10-year dollar notes and Arab Petroleum Investments Corp.’s five-year dollar Sukuk,

The Apicorp Sukuk is being marketed by joint lead managers and bookrunners Bank ABC, Credit Agricole CIB, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, KFH Bank and Standard Chartered Bank.

Apicorp is a multilateral development bank.

Abu Dhabi Crude Oil’s deal is being sold by global coordinators and joint bookrunners First Abu Dhabi Hank AB, HSBC, JPMorgan and MUFG.

And Citigroup, JPMorgan, Bank ABC, BNP Paribas, HSBC and Gulf International Bank are the bookrunners of the Rule 144A and Regulation S Nogaholding deal.

The primary market came to life on Wednesday after remaining hushed on Monday and Tuesday. One trader said he didn’t know how or why this was the case.

Nogaholding was expected to price on Wednesday, and it was seen fair value in the 7% to 7¼% area, according to MUFG analyst Trieu Pham, who suggested a new issue premium of about 25 basis points due to the weaker investor base compared to other Middle East and Africa sovereigns being that Nogaholding is a first-time issuer in the international market.

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