ACWA Power to price $600 million bond on Wednesday; eyes on FOMC meetings throughout week

By Colin Hanner

Chicago, May 2 – With much of the world returning to work following holidays, those in tune with emerging markets will turn to the Federal Open Market Committee meetings, a market source said.

Saudi Arabia’s ACWA Power Management and Investments One Ltd. is expected to price a $600 million senior secured bond due 2039 on Wednesday, a market source said.

Initial price guidance is in the 6¼% area, the market source said.

Citi and Jefferies are global coordinators and bookrunners for the Rule 144A and Regulation S deal. CCB Singapore, Mizuho, NCB Capital and Standard Chartered Bank are also bookrunners for the deal.

The continuing decline in worldwide oil future prices had mixed effects for sovereign bonds in the Middle East, a trend that continues into the shortened week.

Saudi Arabia’s 2 3/8% notes due 2021 were up 7 bps to a 98.27 bid, 98.42 offer to close the session.

Its 3¼% notes due 2025 were up 2 bps to a 97.62 bid, 97.87 offer.

And its 3.628% notes due 2027 were unchanged at a 100.45 bid, 100.55 offer.

In Kuwait, movement was trending the opposite direction.

Its 2¾% notes due 2022 were down 2 bps to a 100.95 bid, 101.05 offer.

And the 3½% notes due 2027 were down 13 bps to a 102.31 bid, 102.56 offer.

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