Emerging markets calendar: Rosneft to sell benchmark

WEEK OF JULY 16

OJSC KUZBASSRAZREZUGOL: Dollar-dominated three-year notes; Moscow,Russia-based mining company; initial guidance 9¼%.

ROSNEFT: Benchmark-sized issue; first from new $15 billion unsecured loan participation note program (Baa1/BB+); ABN Amro, BNP Paribas, Calyon, Citigroup, JP Morgan, Morgan Stanley (joint books); Rule 144A/Regulation S; Moscow, Russia-based oil and energy company; roadshow to begin July 6, price expected July 13.

AZGARD-9: $200 million to $260 million seven-year senior unsecured notes (B2/B+); non-callable for four years; Citigroup; Regulation S; proceeds to refinance a large portion of corporate debt; Iskanderabad, Pakistan-based fabrics exporter and fertilizer manufacturer.

PIVDENNYI BANK: Dollar-dominated eurobond (B1/B-); BNP Paribas, Standard Chartered (joint books); Regulation S; Odessa, Ukraine-based commercial and investment bank.

BANCO DO BRASIL: $200 million Brasilian reais-dominated 10-year senior unsecured bonds (Baa3); BB Securities, Merrill Lynch (joint books); interest payments will be converted into dollars on the relevant valuation date; Rule 144A/Regulation S; proceeds from the sale for general corporate purposes; Brasilia, Brasil-based state-owned bank; pricing is expected the week of July 9; guidance 9½% to 9¾%.

BANK OF ST. PETERSBURG: Dollar-dominated subordinated issue (Ba3); UBS, JP Morgan (joint books); 150 bps step-up if not called; St. Petersburg, Russia-based commercial and investment bank; roadshow ends July 11; guidance 10½%.

CITY OF BOGOTA: $300 million 21-year bonds (Ba1/BB+/BB+) in Colombian pesos; Citigroup, Deutsche Bank (joint books); amortizing in equal parts in 2026, 2027 and 2028; payable in dollars; Rule 144A; roadshow London on July 12 and July 13, the U.S. west coast on July 16 and New York and Boston on July 17 and July 18.

DONBASS: Dollar-dominated bonds (B1/B+); JP Morgan, Citibank (joint books); Rule 144A/Regulation S; Donetsk, Ukraine-based industrial materials manufacturer; price expected late in the week of July 16.

CORPORACION DURANGO: $520 million (expected) senior unsecured issue (B+/B+); first tranche will be five-year amortizing notes, second tranche will be 10-year notes, non-callable for five years paid as a bullet at maturity; Merrill Lynch; Rule 144A/Regulation S; proceeds for refinance existing debt and for general corporate purposes; Durango, Mexico-based bag and box manufacturer; roadshow will be held July 11 to July 13 in Europe, and July 16 to July 19 in the United States; pricing expected the week of July 16.

EDENOR: $220 million 10-year senior unsecured bonds (B2/B); lowered from $250 million; Citigroup, Deutsche Bank (joint books); Rule 144A/Regulation S; proceeds to refinance existing debt; Buenos Aires, Argentina-based energy distribution company; roadshow July 9 and July 10 in London, July 11 and July 12 on the U.S. west coast, and July 12 through July 17 on the U.S. east coast expected price July 18.

GRUPO FINANCIERO MIFEL SA: $120 million offering of perpetual bonds (BB-/B-/B+); Deutsche Bank; Rule 144A/Regulation S; non-callable for five years; Mexico City-based bank; roadshow ends July 17.

HARMONY GOLD MINING: $350 million seven-year senior notes (BB+); Morgan Stanley; noncallable for four years; proceeds from the sale will be used for development, expansion and to repay a bridge loan for working capital; Johannesburg, South Africa-based mining company; expected to price on July 19.

NATIONAL INDUSTRIES GROUP: Dollar-dominated five-year floating rate senior unsecured sukuk (Baa2); BNP Paribas, Citigroup, Standard Chartered (joint books); Regulation S; Safat, Kuwait-based investment bank; roadshow will end July 13; pricing the week of July 16.

GULF FINANCIAL: $ 1 billion five-year floating-rate notes (BBB-); Dresdner Kleinwort, HSBC (joint books); Manama, Bahrain-based investment bank; guidance Libor plus 125 bps.

OLAM INTERNATIONAL: Singapore-dollar one-year issue; Deutsche Bank Singapore; Singapore-based global integrated supply chain manager of agricultural products and food ingredients; talked at one-year swaps plus 0.65%.

INTERPIPE: $150 million three-year senior issue (B+/B+); ABN Amro, ING (joint books); deal is expected to price on July 25; Dnepropetrovsk, Ukraine-based industrial equipment manufacturer; roadshow July 16 and July 17 in Singapore and Hong Kong.

GLOBAL YATIRIM: $100 million five-year loan participation notes; Deutsche Bank; Regulation S; Istanbul, Turkey-based holding company concerned with financial services, natural gas distribution, and port development; roadshow July 11 in Zurich; guidance 9¼% area.

WEEK OF JULY 25

ARCOR: $100 million 10-year senior unsecured notes (B+/BB-)Citigroup; Rule 144A, Regulation S; amortizing in two equal installments in 2016 and 2017; proceeds for refinancing and capex; Cordoba, Argentina-based food producer; roadshow scheduled on June 20 in London, June 22 in Los Angeles, June 25-26 on the US east coast; accepting orders to July 25; price guidance 8 3/8% to 8½%.

PUNJAB NATIONAL BANK: Rs. 2.5 billion tier I perpetual bonds; green shoe option for up to an additional Rs. 2.5 billion; subscription period will run from Thursday to July 27; New Delhi, India-based commercial and investment bank.

BANK OF MAHARASHTRA: Rs. 2 billion 15-year unsecured non-convertible redeemable subordinated upper tier II bonds; 10.35% coupon for the first 10 years, step up to 10.85% if uncalled; subscription period from July 13 to July 23; allotment date July 25; Pune, India-based commercial and investment bank.

JULY

PETROLEUM CO. OF TRINIDAD & TOBAGO LTD. (PETROTRIN): $750 million offering of 15-year amortizing notes (/BBB+/), Citigroup (books), Calyon (co-manager); to finance a large portion of estimated $800 million refinery upgrade program; state-owned oil company in Trinidad and Tobago.

PERU: $2.5 billion in 30-year bonds; domestic and international markets; proceeds partial payment of Paris Club debt.

TELEMOBIL SA: $125 million seven-year senior unsecured bonds (B3/B-); noncallable for three years; Balotesti, Romania-based telecommunications company; guidance 10½% area.

QATAR REAL ESTATE: Five-year floating rate sukuk (A2/BBB+); HSBC; roadshow through Singapore July 10, Kuala Lumpur July 11, and London July 12; Doha, Qatar-based real estate and land developer.

CYRELA BRAZIL REALTY: 500 million reais 10-year notes (BB/); noncallable for five years; Credit Suisse; Rule 144A/Regulation S; roadshow in Singapore on July 16, Hong Kong on July 17, London and Zurich on July 18, in the United States from July 19 to July 23; Sao Paulo, Brazil-based homebuilder and real-estate developer.

FIRST INVESTMENT BANK (BULGARIA): €100 million 10-year notes (Ba1/BB); Regulation S; Sofia, Bulgaria-based commercial and investment bank; guidance in Libor plus 250 bps area.

ON THE HORIZON

ISPAT INDUSTRIES LTD.: Up to $500 million in foreign currency-denominated notes for infrastructure improvements in some of the company's plants, including its hot rolled coil steel plant at Dolvi in Raigad district of Maharashtra and its pellet plant.

KAZTRANSOIL: Up to $1 billion in new bonds; to fund the construction of two pipelines; Kazakhstan-based state-run oil firm.

STANDARD BANK OF SOUTH AFRICA: Dollar-dominated tier II issue; Johannesburg-based commercial and investment bank.

VIETNAM BANK FOR INVESTMENT AND DEVELOPMENT: VND $5 trillion ($300 million equivalent) five-year notes; Hanoi, Vietnam-based state-run commercial bank.

GOVERNMENT OF LITHUANIA: Benchmark-sized euro-dominated bond; Societe General, UBS (joint books).

CREDIT BANK OF MOSCOW: 2 billion ruble senior unsecured local-currency issue (A1); putable after 18 months; Moscow-based commercial and investment bank.

BANCO DE CREDITO DEL PERU: $500 million notes backed by remittances from overseas workers; Standard Chartered.

OBLAST OF SAMARA: 5 billion ruble five-year fixed coupon senior unsecured notes (Aa1.ru).

SK TELECOM: Dollar-dominated issue (A2/A); Merrill Lynch, Morgan Stanley, Credit Suisse (joint books); Seoul, South Korea-based telecommunications company.

AMBEV: Benchmark-sized reais-dominated 10-year notes (BBB/BBB) interest paid in dollars; Credit Suisse, Citigroup (joint books); Rule 144A/Regulation S; proceeds to repay short-term debt and general corporate purposes; Sao Paulo, Brazil-based brewer and soft drink producer; roadshow July 11 through July 13, stopping in Europe, U.S. west coast, New York, London, Boston, and the U.S. northeast.

REPUBLIC OF AZERBAIJAN: Debut sovereign bond issue (Ba1//BB+); Deutsche Bank, Citigroup (joint books); expected September-October business.

KOREA EXCHANGE BANK: Dollar-dominated five-year floating-rate issue (A2/BBB+); Calyon, HSBC, Merrill Lynch, Morgan Stanley (joint books); part of $4 billion euro-MTN program; Seoul, South Korea-based government-owned commercial and investment bank.

EMIRATE OF ABU DHABI: Dollar-dominated issuance (Aa2/AA /AA); Citigroup, Deutsche Bank (joint books); Rule 144A/Regulation S; investor meetings will be held the week of July 15 in Los Angeles, Boston and New York.

ROADSHOWS

Started July 2: TELEMOBIL SA: $125 million seven-year senior unsecured bonds; ABN Amro, Fortis Investments (joint books)

Ending July 13: NATIONAL INDUSTRIES GROUP: Dollar-dominated five-year floating rate senior unsecured sukuk (Baa2); BNP Paribas, Citigroup, Standard Chartered (joint books)

Ending July 17: GRUPO FINANCIERO MIFEL SA: $120 million offering of perpetual bonds (BB-/B-/B+); Deutsche Bank

Ending July 17: INTERPIPE: $150 million three-year senior issue (B+/B+); ABN Amro, ING (joint books)

July 11-19: CORPORACION DURANGO: $520 million (expected) senior unsecured issue (B+/B+); Merrill Lynch

July 9-17: EDENOR: $220 million 10-year senior unsecured bonds (B2/B); lowered from $250 million; Citigroup, Deutsche Bank (joint books)

July 16-23: CYRELA BRAZIL REALTY: 500 million reais 10-year notes; noncallable for five years; Credit Suisse

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.