South Africa’s new Sasol notes edge up; new Saudi Electricity notes trade 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 100¾ bid, 101 offered in the early going after the issue priced at 99.852.

The Sasol $750 million 10-year tranche traded at 100.62 bid, 100.87 offered after the deal priced at 99.869.

Saudi Electricity Co.’s $2 billion 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 – a $800 million five-year tranche due in January 2024 and a $1.2 billion 10-year tranche.

Overall emerging markets debt has been performing better with strong issuance for the last two weeks. There were no deals heard yet for pricing next week. There is a Federal Open Market Committee meeting on the calendar for next week that might douse new issuance temporarily.

The primary market was busy this past week, with much of the new paper still concentrated in the Middle East and Africa region, but Suzano Papel e Celulose SA, representing the first new deal for Latin America in two months, priced as well.

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