Lebanon, TV Azteca Plan Debt Sales: Emerging-Markets Bond Alert
The following borrowers in emerging markets are expected to sell international debt. New information is followed by previously reported plans.
LEBANON’s dollar bonds maturing in 2019 may be priced to yield about 6 percent and more of its October 2022 bond in the 6.5 percent area, said three people familiar with the transaction. The Middle Eastern country, which is rated B1 at Moody’s Investors Service and B at Standard & Poor’s and Fitch Ratings, has $1 billion of 7.875 percent Eurobonds maturing this month.
TV AZTECA SAB plans to sell $250 million of seven-year dollar bonds abroad after meetings with investors through May 17 arranged by BCP Securities and Jefferies Group Inc., a person familiar with the transaction said. Mexico’s second-largest broadcaster is rated B1 at Moody’s and BB- at Fitch.
ICICI BANK LTD. (ICICIBC) is in discussions with banks to offer a benchmark-sized bond to investors abroad this month, said two people familiar with the matter. India’s second-largest lender is rated BBB- at S&P and Fitch.
FOSUN INTERNATIONAL plans to sell five-year dollar bonds to yield around the 7.5 percent to 7.75 percent area, according to a person familiar with the matter. The company may sell as much as $300 million of five-year bonds as early as this week, a person familiar with the matter said on May 3. The Chinese company with interests in property, retail and steel is rated Ba2 at Moody’s and BB+ at S&P.
INTERNATIONAL CONTAINER TERMINAL SERVICE INC. plans to sell perpetual dollar bonds priced to yield around 8.5 percent, said a person familiar with the matter. The Philippine port operator known as ICTSI has no ratings from Moody’s, S&P or Fitch, according to data compiled by Bloomberg.
LDK SOLAR CO. hired Morgan Stanley for a sale of dollar bonds, said a person familiar with the matter. The Chinese maker of solar energy products is rated B1 at Moody’s, B+ at S&P and BB- at Fitch.
MIE HOLDINGS CORP plans to sell as much as $400 million of five-year bonds to yield around the 9.75 percent area, according to a person familiar with the matter. The company hired Bank of America Corp., Deutsche Bank AG and UBS AG for a sale of five- year bonds in dollars. The Beijing-based operator of oilfields in China is rated B+ at S&P.
NTPC Ltd. hired Barclays Plc, Citigroup Inc., Deutsche Bank AG and Royal Bank of Scotland Group Plc for the sale of $500 million of dollar bonds, said two people familiar with the matter. Asia’s biggest power producer, based in New Delhi, is rated Baa3 at Moody’s and BBB- at S&P.
PT PERTAMINA hired Citigroup Inc., Credit Suisse Group AG and HSBC Holdings Plc for a proposed benchmark-sized sale of dollar bonds after investor meetings that begin on May 11, said a person familiar with the matter. The Indonesian state-run oil and gas company is rated BB+ at S&P and Fitch.
RATCHABURI ELECTRICITY GENERATING HOLDINGS PCL plans to sell A$200 million of bonds around the middle of the year to fund a planned acquisition, Chief Financial Officer Trithip Srivakritkul said. The Bangkok-based company is rated BBB+ at S&P.
RHB CAPITAL BHD. (RHBC)’s plan to sell as much as $500 million in multi-currency notes was approved by the country’s Securities Commission. The Malaysian lender has no ratings from Moody’s, S&P or Fitch, according to data compiled by Bloomberg. RHB’s Bank BHD unit is rated A3 by Moody’s and BBB+ by S&P.
RURAL ELECTRIFICATION CORP. hired Barclays, Deutsche Bank AG, Nomura Holdings Inc. and Mitsubishi UFJ Morgan Stanley Securities Co. for the sale of at least 16.1 billion yen ($200 million) of five-year Samurai bonds, said Chairman Hari Das Khunteta. The Indian state-run lender is rated Baa3 at Moody’s and BBB- at Fitch.
CENTRAL, EASTERN EUROPE
BANK GOSPODARSTWA KRAJOWEGO is “more likely” to sell bonds in euros in the third quarter than in the second, Wojciech Kowalczyk, managing director at the state-owned Polish lender, said. The bank known as BGK has no credit rating, according to data compiled by Bloomberg.
CZECH RAILWAYS AS said it hired Barclays Capital Plc, Erste Group Bank AG and Societe Generale SA to manage an international bond offering. The state-run passenger carrier, locally known as Ceske Drahy AS, has received a provisional long-term rating of Baa1 with negative outlook from Moody’s.
HUNGARY has no immediate plans to offer more Eurobonds following meetings with investors this week, the government’s Debt Management Agency said today. East European country hired Deutsche Bank AG, ING Groep NV and UniCredit SpA to arrange meetings with bond investors in Europe, according to a banker with knowledge of the deal. The country is rated Baa3 at Moody’s and BBB- at S&P.
SERBIA will issue a Eurobond by the end of the year worth up to $1 billion, said Branislav Toncic, the head of the Debt Management Agency. The eastern European country is rated BB at S&P and BB- at Fitch.
MIDDLE EAST & AFRICA
ANGOLA plans to offer its first dollar-denominated sovereign bond, worth $500 million, in September, Finance Minister Carlos Alberto Lopes said. The African country is rated B1 at Moody’s and B+ at S&P and Fitch.
BHARTI AIRTEL LTD. (BHARTI) plans to raise $750 million selling its first overseas bonds, said Fitch Ratings, which has rated the 10-year bonds from India’s biggest mobile-phone operator BBB-.
EMIRATES NBD PJSC (EMIRATES) hired HSBC Holdings Plc, UBS Investment Bank and Emirates NBD Capital Ltd. for a sale of seven-year dollar bonds to replace two outstanding debt issues which mature in 2016, said two bankers involved in the transaction. The United Arab Emirates’ biggest bank by assets is rated A3 at Moody’s and A+ at Fitch.
FIRSTRAND LTD. (FSR) is considering selling bonds in euros, dollars or pounds, the Johannesburg-based lender’s treasurer, Andries du Toit, said in a phone interview today. South Africa’s second-biggest lender plans to meet bond investors starting May 9 in London, according to a banker involved in the arrangements. JPMorgan Chase & Co., Mitsubishi UFJ Securities International, Standard Chartered Bank and UBS AG are arranging the meetings, the banker said. The bank is rated BBB at S&P.
SHARJAH ISLAMIC BANK (NBS) PJSC said it hired HSBC Holdings Plc and Standard Chartered Plc to manage a sale of Islamic bonds in dollars after investor meetings in the Middle East, Asia and Europe. The lender in the United Arab Emirates is rated BBB+ at S&P and Fitch.
LATIN AMERICA & CARIBBEAN
CHILE is monitoring market conditions for a possible $1.5 billion sale of bonds in U.S. dollars and pesos, according to Finance Minister Felipe Larrain. The Latin American country is rated Aa3 at Moody’s and A+ at S&P and Fitch.
GRUPO DE INVERSIONES SURAMERICANA will meet with debt investors beginning May 5, according to a person familiar with the plans. Grupo Sura, as the company is known, may sell dollar- denominated bonds overseas in a benchmark offering following the meetings, said the person. Bank of America Corp. and JPMorgan are arranging the meetings, the person said. The parent company of Colombia’s largest bank is rated BBB- by Fitch Ratings.
JBS SA (JBSS3) plans to sell $1 billion of eight- and 10-year debt abroad, said a person familiar with the transaction. The world’s biggest beef producer is rated B1 at Moody’s, BB at S&P and BB- at Fitch.
MARFRIG ALIMENTOS SA (MRFG3) plans a benchmark offering of seven- year notes as soon as tomorrow, said a person familiar with the matter. The Brazilian beef producer is rated B1 at Moody’s and B+ at S&P and Fitch Ratings.
PETROLEOS MEXICANOS hired BNP Paribas SA and Deutsche Bank AG for meetings with bond investors in Europe from May 9 to May 11, said a person familiar with the matter. The largest oil producer in Latin America, known as Pemex, is rated Baa1 at Moody’s and BBB at S&P and Fitch.
URUGUAY hired Daiwa Securities Capital Markets Co. and Nomura Securities Co. for meetings with Japanese investors as the country considers selling Samurai bonds, said a person familiar with the matter. Uruguay is rated Ba1 by Moody’s, BB+ at S&P and BB at Fitch.
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