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New Mazoon sukuk edges over par; Middle East credits active; Inkia, Argentina also price
By Rebecca Melvin
New York, Nov. 2 – Mazoon Electricity Co. SAOC’s newly priced 5.2% sukuk traded up to 100.57 bid, 100.67 offered on Thursday after the Oman electricity company priced $500 million of the 10-year unsecured senior certificates at the tight end of talk, a London-based trader said.
The deal was issued by Mazoon Assets Co. SAOC, a special purpose vehicle.
Trading in paper in the Middle East region overall was active with good two-way flow, the trader said.
Among other deals that priced, a $450 million offering of 10-year notes from Peru’s Inkia Energy Ltd. priced at par to yield 5 7/8%. That paper came at the tight end of talk, and Banco Hipotecario SA priced $400 million equivalent of Argentine peso-denominated floating-rate notes due 2022.
Also from Argentina was a sovereign-issued triple tranche euro deal for €2.75 billion. The Argentina deal included a €1 billion tranche of 3 3/8% notes due Jan. 15, 2023 priced at 99.425 to yield 3½%; a 10-year tranche of 5¼% notes of the same size priced at 99.634 to yield 5.3%; and a €750 million tranche of 6¼% notes due Nov. 9, 2047 priced at 99.333 to yield 6.3%.
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