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Nogaholding, Mubadala trade well; Egypt, Oman tighten slightly; Invepar postones deal
By Rebecca Melvin
New York, Nov. 2 – Emerging markets debt felt a little stronger in the early going on Friday although activity was muted heading into the weekend.
New deals for the Middle East and Africa region, including Bahrain’s Oil & Gas Holding Co. BSC (Nogaholding) tranches and Abu Dhabi’s Mubadala Development Co. PJSC’s 4½% 10-year notes, continued to trade and “have done fairly well,” a London-based trader said.
The two issuers brought $1.8 billion of new notes on Wednesday.
Among older notes, spread of Egypt and Oman bonds were about 5 basis points to 10 bps tighter on the day amid a relief rally in the early going when financial markets were uniformly positive, a London-based trader said. But emerging markets debt was giving back a little bit as the session’s close drew closer.
In the primary market, it is expected that Kazakhstan will pull the trigger on its planned euro-denominated 10-year notes on Monday or Tuesday.
Meanwhile, Investimentos e Participacoes em Infraestrutura SA (Invepar) has postponed its planned U.S. dollar-denominated benchmark of intermediate notes, a syndicate source said on Friday.
It has been put on hold amid difficult market conditions, the source said.
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