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Morning Commentary: New Sasol notes edge up; new Saudi Electricity notes little changed
By Rebecca Melvin
New York, Sept. 21 – Four new tranches of notes for $4.25 billion debuted in the Middle East and Africa region on Friday.
The $2.25 billion of South Africa’s Sasol Ltd. notes edged up in trade, with the mining, energy and chemical company’s $1.5 billion 5.5-year tranche seen at 100.75 bid, 101 offered in the early going after the issue priced at 99.852, according to a London-based trader.
And the Sasol $750 million 10-year tranche was seen in trade at 100.62 bid, 100.87 offered after the deal priced at 99.869.
The $2 billion of Saudi Electricity Co. trust certificates, or Islamic sukuk, were trading little changed after pricing at par and were quoted at 99.95 bid, 100.05 offered for both tranches – an $800 million five-year tranche due in January 2024 and a $1.2 billion tranche of 10-year notes.
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