| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers V > Headlines for Votorantim Cimentos > News item |
Morning Commentary: EM bonds mixed after positive week; new Saudi notes below par
By Rebecca Melvin
New York, Jan. 11 – Emerging markets debt was at most mixed to slightly weaker in terms of spreads on Friday after a strong week with several new issues and demand in the secondary market, according to sources.
Saudi Arabia’s new 4 3/8% long 10-year bonds due April 16, 2029 were quoted at a tight 99.70 bid, 99.80 offered early Friday. The $4 billion tranche priced midweek. Its sister issue, $3.5 billion of 5¼% 31-year notes, was quoted at 99.40 bid, 99.55 offered.
The Saudi sovereign curve was somewhat mixed on Friday but tighter than it was a month ago.
In new issue news from Asia, Kookmin Bank mandated banks and set a roadshow for a U.S. dollar-denominated Tier II sustainability bond, according to a market source.
Citigroup, HSBC, Societe Generale CIB, Standard Chartered Bank and UBS are arranging fixed-income investor meetings in Asia and Europe for the Seoul-based lender beginning Jan. 17.
In Latin America, Brazil’s Votorantim Cimentos International SA, a subsidiary of Votorantim Cimentos SA, is offering to exchange up to $500 million principal amount of its $1,150,500,000 of outstanding 7¼% senior notes due 2041.
In exchange, the company is offering 7¼% senior notes due April 5, 2041 to be newly issued by St. Mary’s Cement Inc. (Canada), a wholly owned, direct subsidiary of VCI, and guaranteed by VCSA.
Votorantim is also soliciting consents to amend the notes indenture to eliminate substantially all of the restrictive covenants, as well as various events of default and related provisions.
The exchange offer and the consent solicitation will remain open until Feb. 7.
© 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.