Argentina’s Cresud Plans Bond Meetings: Emerging Bond Alert
The following borrowers in emerging markets are expected to sell international bonds. New information is followed by previously reported plans.
CRESUD SACIF y A (CRES) will hold meetings with bond investors on Aug. 30 in Buenos Aires, Aug. 31 in Switzerland and Sept. 1 in Santiago, in meetings arranged by Itau Unibanco Holding SA, said a person familiar with the plan, who asked not to be identified because the terms aren’t set. The company may seek to sell bonds due in about three years, the person said.
Cresud said in an Aug. 25 filing with Argentine regulators that it plans to sell $150 million worth of dollar bonds. The proposed notes are rated B, five levels below investment grade, by Fitch Ratings Service.
(Updated Aug. 26. News: CRES AR)
INDONESIA hired HSBC Holdings Plc, Citigroup Inc. and Standard Chartered Plc to help it with a sale of as much as $1 billion of Islamic bonds, according to a person familiar with the matter who asked not to be identified as details are private.
(Added Aug. 26. News: 1133Z IJ)
CATHAY FINANCIAL HOLDING CO. plans to sell up to $800 million of three-year bonds convertible to stocks overseas, the Taipei-based company said in an exchange statement. The proceeds will be used to strengthen financial structure and for merger and acquisitions, according to the statement.
(Added Aug. 11. News: 2882 TT)
IDBI BANK LTD. (IDBI), an Indian state-owned lender, will consider selling 175 million Swiss francs of bonds, the pricing for which may be decided in a week, Executive Director R.K. Bansal said in Kolkata on Aug. 8. The Mumbai-based bank hired BNP Paribas SA, Credit Suisse Group AG and UBS AG to help arrange the sale.
(Updated Aug. 10. News: IDBI IN)
INDIAN BANK (INBK), a state-owned lender, will delay selling $500 million of bonds “until the pricing is attractive,” Executive Director V. Rama Gopal said in an Aug. 10 interview. The lender had hired Citigroup Inc., HSBC Holdings Plc, Standard Chartered Plc and Royal Bank of Scotland Group Plc to arrange meetings with investors for a possible dollar bond sale, according to a person familiar with the matter.
(Updated: Aug. 10. News: INBK IN)
INDIAN RAILWAY FINANCE CORP., the funding arm of India’s rail ministry, plans to sell $300 million of dollar-denominated five-year bonds by the end of August, and may pay a coupon lower than the 4.406 percent set at its March sale, Managing Director Rajendra Kashyap said in an interview in New Delhi. Indian Railway hired Bank of America Corp., Barclays Plc, Citigroup Inc., Deutsche Bank AG and JPMorgan Chase & Co. to help it with a possible sale of U.S. dollar bonds, according to a person familiar with the matter. Fitch Ratings assigned the proposed sale of $300 million worth of five-year bonds an expected rating of BBB-, the lowest investment grade.
(Updated Aug. 10. News: INFZ IN)
UCU BANK, a Kolkata, India-based state-owned lender, will need “at least one month to take a call” on a dollar- denominated bond sale, General Manager S. Srinivasan said in an Aug. 10 interview. The bank hired BNP Paribas, Citigroup Inc., HSBC Holdings Plc, JPMorgan Chase & Co. and Standard Chartered Plc to manage the sale, said a person, who asked not to be identified because the details are private, on Aug. 5.
(Updated Aug. 10. News: UCO IN)
CENTRAL, EASTERN EUROPE
BANK OF GEORGIA hired two investment banks to explore a possible sale of international bonds, the lender said in an Aug. 3 statement.
(Added: Aug. 4. News: GEB GG)
LATVIA is “exploring” the possibility of a potential debt sale in Asia, Prime Minister Valdis Dombrovskis said in an Aug. 10 interview. Latvia sold $500 million worth of government debt in June.
(Added: Aug. 10. News: NI LATVIA BN)
NOVA KREDITNA BANKA MARIBOR D.D., Slovenia’s biggest publicly traded lender, plans to sell bonds on international markets this year or seek a loan to repay old debt, Chief Executive Officer Matjaz Kovacic said. Kovacic declined to say how much the bank is seeking or elaborate on how much debt it needs to repay by next year to international lenders. Nova Kreditna may raise as much as 450 million euros ($648 million) through a sale of corporate bonds, Finance newspaper reported on June 17, without saying were it got the information.
(Added July 26. News: KBMR SV)
LATIN AMERICA & CARIBBEAN
BANCO DAVIVIENDA SA (PFDAVVND), Colombia’s third-largest bank, plans to sell as much as $350 million in bonds abroad. The board of the Bogota-based bank approved the sale on Aug. 16, according to a statement on the website of Colombia’s securities regulator.
The board also plans to list shares on exchanges abroad, according to the statement.
(Added Aug. 16. News: PFDAVVND CB)
BANCO DE CREDITO DEL PERU, the Andean country’s biggest lender, selected Bank of America and Morgan Stanley to hold meetings with bond investors, according to a person familiar with the plan.
The meetings are planned for Sept. 5 in Switzerland, Sept. 6 in London and Los Angeles and Sept. 7 in Boston and New York, said the person, who asked not to be identified because he isn’t authorized to speak publicly about the matter.
(Added Aug. 25. News: BAP US)
BUENOS AIRES CITY selected Barclays Plc, BTG Pactual SA and Citigroup Inc. to manage its planned sale of up to $500 million of bonds, said Abel Fernandez, the Argentine capital city’s head of public credit, in a July 29 telephone interview.
(Added Aug. 1. News: TNI ARGENT NEWBON)
CAIXA ECONOMICA FEDERAL, a Brazilian government-owned lender, is preparing to sell bonds in the international markets when “there is a window of opportunity,” Marcio Percival Alves Pinto, the bank’s vice president of finance, told reporters in Sao Paulo on Aug. 11.
(Updated Aug. 11. News: CEFN3 BZ)
CHILE doesn’t rule out selling bonds this year, Finance Minister Felipe Larrain said at the Bloomberg Economic Summit in Santiago on Aug. 23. The country must pick the right moment to sell debt, Larrain said.
(Added Aug. 23. News: TNI CHILE NEWBON)
CODELCO, the world’s largest copper producer, may raise as much as $2.5 billion in bonds and loans by the end of 2012 to fund record spending on its mines in Chile. The Chilean state- owned company may sell more than $1 billion in bonds, Chief Executive Officer Diego Hernandez said in an Aug. 4 interview at Bloomberg’s office in Melbourne.
(Added: Aug. 5. News: 1006Z CI)
ELETROBRAS, Latin America’s largest publicly traded utility, hired Credit Suisse Group AG and Banco Santander SA to sell bonds overseas, according to a person familiar with the plan. Centrais Eletricas Brasileiras SA (ELET6), as the utility is also known, may offer a benchmark-sized issue, said the person, who asked not to be identified because the terms are not set. Benchmark sales are typically at least $500 million.
(Added Aug. 19. News: CRES AR)
EMPRESA DE ENERGIA DE BOGOTA SA (EEB), Colombia’s second-biggest electricity transporter, hired Deutsche Bank AG and Banco Santander SA to sell bonds overseas, according to a person familiar with the plan. EEB, as the utility is known, may seek to sell bonds that mature in 10 years, said the person, who asked not to be identified because the terms are not set.
The Bogota-based company said in a June 16 regulatory filing that it plans to sell as much as $610 million worth of bonds overseas to buy back EEB International Ltd. bonds due in 2014.
(Added Aug. 19. News: EEB CB)
GUATEMALA has sent requests to banks for proposals to manage the Central American country’s first international bond sale in seven years, according to three bankers familiar with the matter. The bankers asked they not be identified because the discussions are private. A Guatemalan Finance Ministry official declined to comment.
(Added Aug. 19. News: TNI GUATE NEWBON)
PETROLEO BRASILEIRO SA (PETR4), Brazil’s state-controlled oil company, is considering selling bonds denominated in euros or pounds, Chief Financial Officer Almir Barbassa told reporters in New York on Aug. 2. Petrobras, as the Rio de Janeiro-based company is known, is considering other currency markets to help fund its $224.7 billion investment plan after it sold a record $6 billion of dollar bonds in January. The company said July 22 that it will issue as much as $91 billion in debt and sell up to $13.6 billion of assets as part of spending plans for 2011 through 2015.
(Added Aug. 3. News: PETR4 BZ)
PETROLEOS MEXICANOS, Latin America’s largest oil producer, may not sell dollar-denominated debt when it offers its remaining bonds for this year, Pemex’s Chief Financial Officer Ignacio Quesada said during a July 29 earnings conference call.
(Added July 29. News: 1232Z MM)
URUGUAY filed registration paperwork on July 25 with the U.S. Securities and Exchange Commission to sell as much as $560 million worth of bonds.
(Added July 26. News: TNI URU NEWBON)
MIDDLE EAST & AFRICA
COMMERCIAL BANK OF QATAR (CBQK), the Persian Gulf country’s second-biggest bank by assets, hired BNP Paribas SA, HSBC Holdings Plc and Morgan Stanley to arrange a $5 billion Euro Medium-Term Note program.
Commercial Bank of Qatar’s unit, Commercialbank Capital, will also be an arranger, the bank said in its bond prospectus published on the London Stock Exchange. Citigroup Inc, Barclays Capital, JPMorgan Chase & Co., Deutsche Bank AG and Standard Chartered Bank Plc will also be involved in the deal, it said.
(Added Aug. 11. News: CBQK QD)
ZAMBIA, Africa’s biggest copper producer, will probably delay the sale of its planned $500 million Eurobond until after elections in September, central bank Governor Caleb Fundanga said in an Aug. 5 interview.
(Added Aug. 8. News: TNI ZAMBIA NEWBON)
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