Qatar’s Mannai pulls deal; Omantel 2023s edge up, 2028s flattish; Noor Bank flat to lower

By Rebecca Melvin

New York, April 18 – The Middle East region was active in emerging markets on Wednesday, with market players quickly looking past the pulled deal of Qatar’s Mannai Corp. QPSC to evaluate and trade Oman Telecommunications Co. SAOG’s new $1.5 billion of 5½-year and 10-year notes and Noor Bank PJSC’s $500 million five-year sukuk.

Mannai was planning a dollar-denominated perpetual note that was non-callable for five years.

The Doha, Qatar-based information-technology services, retail and automotive company was a debut issuer and could not get any traction on its deal, a London-based trader commented.

“It was the wrong type of issue,” the trader added, regarding the perpetual notes offer.

Meanwhile, Omantel’s new 5 5/8% notes due 2023 edged up slightly and were quoted at 99 bid, 99¼ offered compared to an issue price of 98.839. It’s sister tranche of 6 5/8% notes due 2028 was flat to just slightly higher at 98¼ bid, 98½ offered.

And Noor Bank’s 4.471% five-year sukuk was quoted at 99.85 bid, 100.05 offered after the Islamic bond priced at par.

In the Latin America region, Banco de la Cuidad de Buenos Aires continued fixed-income investor meetings for a peso-denominated international offering of floating-rate notes.

Light SA was also roadshowing its proposed offering of five-year dollar notes and Transportadora de Gas Internacional SA was shopping a 10-year dollar note.

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