Credit Bank of Moscow joins calendar; Sappi prices; AES Gener, Petrobras, Cemex on tap

By Rebecca Melvin

New York, March 12 – A number of corporate issuers were in the emerging markets debt market on Tuesday to price new deals as conditions for supply improved.

Credit Bank of Moscow announced that it has selected banks and is taking its planned dollar-denominated notes offering on the road, returning to the U.S. currency after pricing a euro-denominated note last month.

Commercial lender Credit Bank of Moscow was last in the international bond market with a €500 million deal of 5.15% five-year loan participation notes at a spread of 502.5 basis points over mid-swaps. The mid-February deal was distributed under Rule 144A and Regulation S and had an order book of more than €800 million.

South Africa’s Sappi Papier Holding GmbH priced €450 million of 3 1/8% seven-year notes after announcing the deal on Monday.

Chile’s AES Gener SA was selling $450 million junior subordinated (hybrid) notes due 2079 to refinance its existing $450 million 8 3/8% hybrid notes due 2073.

Meanwhile, Petroleo Brasileiro SA (Petrobras) announced and launched a mega $3 billion of new notes, including $2.25 billion of new 30-year notes and a $750 million tap of its existing 5¾% global notes due 2029.

Meanwhile, Monterrey, Mexico-based cement company, Cemex SAB de CV was talking a €400 million note due 2026 on Tuesday with final yield set at 3 1/8%.

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