Petrobras, Taqa, Uruguay Plan Debt Sales: Emerging Bond Alert

The following borrowers in emerging markets are expected to sell international debt. New information is followed by previously reported plans.

PETROLEO BRASILEIRO SA, Brazil’s state-controlled oil company, also known as Petrobras, is selling 15-year bonds in pounds, according to a banker involved in the transaction.

The securities may be priced to yield 370 to 375 basis points more than gilts, the banker said. BB Securities, Bradesco BBI, Credit Agricole SA, Deutsche Bank AG, HSBC Holdings Plc and Banco Santander are managing the deal.

(Updated Dec. 5. News: PETR4 BZ (PETR4))

ABU DHABI NATIONAL ENERGY CO., the state-run utility known as Taqa, plans to sell five- and 10-year dollar-denominated bonds, two people familiar with the transaction said.

The five-year bonds may be priced at about 350 basis points over U.S. Treasuries, while the 10-year notes may be priced at about 412.5 basis points over Treasuries, said the people, who declined to be identified because the details are private.

(Updated Dec. 5. News: TAQA UH (TAQA))

URUGUAY plans to sell inflation-linked peso bonds overseas as soon as today, according to a filing with the Securities and Exchange Commission. Uruguay hired Citigroup Inc. and HSBC Holdings Plc to arrange the sale of the bonds due in 2028, according to the filing. The bonds may be sold to yield about 4.375 percent plus inflation, according to a person familiar with the benchmark offering who declined to be identified because he’s not allowed to speak publicly.

(Updated Dec. 5. News: TNI URUGUAY NEWBON)


INDONESIA will meet with bond investors in London on Dec. 7, Edinburgh on Dec. 8, New York on Dec. 9 and Hong Kong on Dec. 12 and 13, said a person, who declined to be identified because the details are private.

HSBC Holdings Plc, JPMorgan Chase & Co. and Standard Chartered Plc are arranging the meetings with government officials, the person said.

(Updated Dec. 2. News: TNI INDO NEWBON)

KOREA DEVELOPMENT BANK, or KDB, is reviving plans to sell the country’s first Islamic bonds in Malaysia after an index of ringgit debt climbed to a record.

The state-owned lender is starting a program to sell as much as 3.5 billion ringgit ($1.1 billion) of Islamic and non- Islamic securities, Kuala Lumpur-based RAM Rating Services Bhd., the largest of Malaysia’s two ratings companies, said in a Nov. 4 statement.

(Added Nov. 9. News: KDBZ KS)

KOREA MIDLAND POWER CO., a unit of Korea Electric Power Corp., asked JPMorgan Chase & Co. and Morgan Stanley to arrange investor update meetings in Europe and the U.S., according to a person familiar with the matter.

(Added Oct. 24. News: KEP US (KEP))

RELIANCE INDUSTRIES LTD, India’s biggest company by market value, hired Bank of America, Citigroup and UBS to help the Mumbai-based oil and gas company arrange plans to sell dollar bonds, according to a person familiar with the offering, who asked not to be identified because terms aren’t set.

(Added Nov. 30. News: RIL IN (RIL))


PBG SA, Poland’s third-largest construction company, aims to be ready with a Eurobond sale at the beginning of 2012 and the company will wait for the “right moment” to issue, Chief Financial Officer Przemyslaw Szkudlarczyk told reporters in Warsaw on Nov. 18. PBG, which agreed with lenders to increase the upper limit on its debt covenant, sees the cost of its debt rising 100 basis points to 200 basis points based on the agreement, the CFO said.

(Updated Nov. 18. News: PBG PW (PBG))

POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA, Poland’s dominant natural gas producer, will decide in two weeks on the timing of its planned offering of 500 million euros ($670 million) of Eurobonds and doesn’t exclude a sale before the end of this year, PAP newswire reported Nov. 29, citing the company’s Chief Financial Officer Slawomir Hinc.

(Updated Nov. 29. News: PGN PW (PGN))

ROMANIA is still seeking a “window of opportunity” for the sale of international bonds this year even though the conditions are “tough,” Deputy Finance Minister Bogdan Dragoi said Nov. 24 in an interview in Bucharest after a roadshow in the U.S. and U.K.

(Updated Nov. 24. News: TNI ROMANIA NEWBON)


AMERICA MOVIL SAB, the Mexico City-based wireless carrier controlled by billionaire Carlos Slim, may sell up to 1.9 billion in Chinese yuan-denominated bonds, Moody’s Investors Service said Dec. 2, giving the proposed notes a rating of A2. America Movil hired HSBC Holdings Plc to arrange meetings with investors in Singapore on Dec. 5 and in Hong Kong on Dec. 6 about a possible dim sum bond sale, said a person, who declined to be identified because the discussions are private.

(Updated Dec. 2. News: AMXL MM (AMXL))

BANCO DE BOGOTA officials plan to meet with bond investors in the U.S., the U.K., and South America beginning Dec. 6, a person familiar with the matter said.

Citigroup Inc., HSBC and JPMorgan Chase & Co. are arranging the meetings in London, Santiago, Boston, Lima, New York and Los Angeles, said the person, who asked not to be identified because he isn’t authorized to speak publicly.

(Added Dec. 2. News: BOGOTA CB (BOGOTA))

BANCO DE CREDITO DEL PERU may become the Andean country’s first issuer of bonds in Asia next year as the nation’s lending grows as much as 16 percent, Chief Executive Officer Walter Bayly said at a banking conference in Lima on Nov. 24.

(Added Nov. 25. News: TNI NEWBON PERU)

CIA. SIDERURGICA NACIONAL SA, Brazil’s third-biggest steelmaker, plans to meet with bond investors in Los Angeles, New York and Boston this week, according to a person familiar with the meetings.

CSN, as the company is known, hired BB Securities, Bank of America, Deutsche Bank and Morgan Stanley to arrange the meetings starting Dec. 5, said the person, who asked to not be identified because he’s not authorized to speak publicly.

(Added Nov. 30. News: CSNA3 BZ (CSNA3))

COMISION FEDERAL DE ELECTRICIDAD, Latin America’s largest utility by revenue, hired Banco Bilbao Vizcaya Argentaria SA (BBVA), BNP Paribas SA and Citigroup Inc. to arrange meetings with bond investors, according to a person familiar with the discussions.

Officials from CFE, as the company is also known, met with investors in the U.S. last week, said the person, who asked not to be identified because the discussions are private.

(Added Nov. 21. News: 1016Z MM)

CORPORACION FINANCIERA DE DESAROLLO SA, or Cofide, as Peru’s state development bank is known, will meet with investors in January before selling as much as $500 million of bonds in its first overseas debt sale, Chief Executive Officer Jorge Ramos said in a Nov. 24 interview.

(Added Nov. 25. News: TNI NEWBON PERU)

OSX BRASIL SA, the Brazilian shipbuilder owned by billionaire Eike Batista, is considering a foreign-currency bond sale to finance a third oil platform. OSX is analyzing two strategies to raise $850 million by July to construct a floating production, storage and offloading platform, or FPSO, CFO Roberto Monteiro said in a Dec. 1 telephone interview from Rio de Janeiro. One option is a 12-year, $850 million bank loan. The second is selling a smaller, shorter-term bond combined with a bank loan, he said.

(Updated Dec. 2. News: OSXB3 BZ (OSXB3))

RIO DE JANEIRO plans to sell bonds as early as next year to finance projects in the Brazilian city for the 2016 Olympic Games, Mayor Eduardo Paes told reporters on Oct. 10. The city has the “financial health” to sell debt in global markets, he said.

(Added Oct. 10. News: TNI NEWBON BRAZIL)

TELECOM ARGENTINA SA plans to sell as much as $500 million worth of debt within five years, according to a Nov. 15 filing to the Buenos Aires stock exchange.

The bond maturities will range from 30 days to 30 years, according to the filing. The Buenos Aires-based telephone company will propose the debt program to shareholders at a Dec. 15 meeting, the filing said.

(Added Nov. 16. News: TECO1 AR)

VALE SA , the world’s largest iron-ore producer, said it will tap debt markets in 2012 after Standard & Poor’s raised its credit rating last week. The company is analyzing credit-market conditions as the European debt crisis hasn’t been “very helpful,” Chief Financial Officer Tito Martins said Nov. 28 in an interview in New York after the company presented its 2012 investment plan.

(Added Nov. 29. News: VALE3 BZ (VALE3))


AL HILAL BANK, a state-owned lender in the United Arab Emirates, hired HSBC Holdings Plc, Standard Chartered Plc and National Bank of Abu Dhabi to arrange the sale of Islamic bonds, a person familiar with the deal said.

The sale is likely to happen in the first quarter of next year, the person said, declining to be identified because the details of the transaction are confidential.

(Added Nov. 14. News: 1023350Z UH)

MAJID AL FUTTAIM HOLDING LLC, the operator of Carrefour SA stores in the Middle East, will seek to raise about $500 million from the sale of five-year Islamic bonds to boost cash reserves, its treasury manager said.

“There is definitely a pocket of liquidity in the Islamic area that is looking for good deals,” Daniele Vecchi said in a telephone interview on Nov. 20. “We have a rating, an established business model, a proven performance track record, all the characteristics to be interesting to an Islamic investor.”

(Added Nov. 21. News: 924669Z UH)

NIGERIA, Africa’s biggest oil producer, may sell as much as $1 billion of Islamic bonds out of Malaysia next year as the country develops its Shariah-compliant financial services industry, central bank Governor Lamido Sanusi said.

The government of Africa’s most populous nation formed a technical committee, which is being trained by HSBC Holdings Plc and CIMB Group Holdings Bhd., to prepare for its maiden sale of Shariah-compliant bonds, or sukuk, which may have maturities of five to seven years, Sanusi told reporters in Kuala Lumpur on Nov. 15. Advisors have not yet been appointed for the sale, which will be decided by the finance ministry, he said.

(Added Nov. 15. News: TNI NIGERIA NEWBON)

SOUTH AFRICA hired Barclays Plc, Nedbank Group Ltd. and Rand Merchant Bank to arrange bond investor meetings in Europe and the U.S. through Dec. 1, according to a person familiar with the plans who declined to be identified in accordance with policy.

To contact the reporter on this story: Drew Benson in New York at

To contact the editor responsible for this story: David Papadopoulos at

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