Slovenia, Suriname sell notes; Saudi Arabia sees action; Equate on deck; Sekerbank scraps deal

By Christine Van Dusen

Atlanta, Oct. 26 – Slovenia and Suriname sold notes on a Wednesday that saw spreads from Middle Eastern bonds tighten while cash prices faced pressure as oil prices receding from recent highs.

In trading, Saudi Arabia’s new $17.5-billion megadeal continued to get attention. The new $5.5 billion 2 3/8% notes due in 2021 traded Wednesday at 99.80 bid, 99.84. The $5.5 billion 3¼% notes due in 2026 traded at 99.48 bid, 99.53 offered. And the $6.5 billion 4½% notes due in 2046 traded at 99.65 bid, 99¾ offered.

The new issue from Jordan, $1 billion 5¾% notes due 2027 that priced at 99.628 to yield Treasuries plus 403.2 bps, moved back below par in trading on Wednesday after climbing as high as 100.87 on Tuesday.

Investors were also keeping an eye on Mozambique, which on Tuesday announced that it was in debt distress and “will be looking to engage with creditors in order to restructure its debt once more,” an analyst said.

In deal-related news, Kuwait’s Equate Petrochemical Co. KSCC revised talk for a two-tranche issue of benchmark-sized and dollar-denominated notes due in five and 10 years, a market source said.

Turkey’s Sekerbank TAS canceled plans for a dollar-denominated issue of notes due 2026, following talk in the 10% area, a market source said.

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