Cash bonds relatively unchanged; Agrokor, Nomos, Banco de Credito del Peru set roadshows

By Aleesia Forni

Columbus, Ohio, April 16 - Most cash bonds in the emerging markets space on Monday were relatively unchanged or within ¼ point of Friday's levels, according to a London-based source.

The Markit iTraxx SovX CEEMEA Index of Central and Eastern European, Middle East and African credit-default swaps was at 292 basis points during London's Monday session, 3 bps wider from Friday's close.

In news from the region, Iranian president Mahmoud Ahmadinejad recent visit to Abu Musa is "something worth following," according to a markets source.

Abu Mesa is an island claimed by both the United Arab Emirates and Iran, and the president's visit has "not gone down well regionally, least of all in the United Arab Emirates."

However, the source pointed out that the market is not currently trading on "anything other than supply and demand."

Additionally, the trader remarked that there seems to be no real supply on the horizon, though Croatia's Agrokor DD, Nomos Bank and Banco de Credito del Peru will hold roadshows this week.

Agrokor to start roadshow

In the primary market, Croatia's Agrokor will begin a roadshow on Tuesday in Europe for a benchmark offering of seven-year senior notes in dollar-denominated and euro-denominated tranches, according to market sources.

The European roadshow wraps up on Thursday.

A roadshow gets underway in the United States on Friday and concludes on April 24.

BNP Paribas will bill and deliver for the dollar-denominated tranche. UniCredit SpA will bill and deliver for the euro-denominated tranche.

BNP, J.P. Morgan Securities LLC and UniCredit are the joint bookrunners.

The Rule 144A and Regulation S for life notes come with three years of call protection.

Credit ratings remain to be determined.

The Zagreb, Croatia-based consumer food products company plans to use the proceeds to refinance debt.

Banco de Credito del Peru mandates

Banco de Credito del Peru (Baa2/BBB) has mandated Citigroup and Bank of America Merrill Lynch to arrange a global roadshow this week, according to a market source.

The roadshow began on Monday and will make stops in New York, Chicago, San Francisco, Los Angeles, London, Geneva and Zurich.

The bank is based in Lima, Peru.

Nomos eyes dollar-denominated notes

The primary also saw Nomos Bank (Ba3//BB) begin a roadshow on Monday ahead of an expected issue of dollar-denominated subordinated lower-tier II notes.

The Regulation S and Rule 144A deal is coming via Citigroup, JPMorgan, VTB and Nomos Bank.

The roadshow will make stops in New York, Boston, London, Geneva and Zurich.

Nomos bank is a Moscow-based lender.

PDVSA eases

In secondary activity, Petroleos de Venezuela SA was seen weaker. A trader said the Caracas, Venezuela state-owned oil company's 5.375% bonds due 2027 were down 1 point on the day at 59, and arguably lower since the last few trades of the session were in a 58 to 59 context.

The name was not highly active, the trader added, estimating volume at $7 million or $8 millino.

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