Eyes on France election; Sri Lanka, Panama price new deals; Oman Electricity in pipeline

By Colin Hanner

Chicago, May 5 – Middle Eastern sovereigns were tending to drift lower from emerging markets on Friday, and Venezuela ranged from unchanged to lower from its close on Thursday as declining crude oil futures worldwide continue to impact sovereign and corporate bonds alike.

In the geopolitical sphere, Emmanuel Macron will face Marine Le Pen in the second and final round of voting for France’s presidential election on Sunday, the outcome of which will have massive effects on world markets.

Trading for Turkey’s $1.5 billion 30-year issue and Fibabanka AS’ $300 million 10-year notes continued into Friday after pricing earlier in the week, a market source said, adding that, aside from those bonds, “all is quiet on the emerging market side.”

In the new deal space, Sri Lanka priced $1.5 billion 6.2% 10-year notes at par on Thursday, a market source said.

Panama priced an add-on to its 2028 dollar bonds and a new issue of 2047 dollar bonds on Thursday, the company said in an FWP filing with the Securities and Exchange Commission.

A market source said Oman Electricity Transmission Co. SAOC might issue a 10-year benchmark sukuk soon, adding that investor meetings began Thursday and will continue through Monday.

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