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Morning Commentary: Colombia eyes new 2049 notes, tap of 2029 deal; Asia primary active
By Rebecca Melvin
New York, Jan. 23 – Emerging markets debt saw a little bit more activity on Wednesday than in the prior session, with Republic of Colombia announcing that it is planning to price a new issue of U.S. dollar-denominated global notes due 2049 and a tap of its 4½% global bonds due 2029.
Also, Dubai Investments Park Development Co., a subsidiary of Dubai Investments PJSC, said it has mandated banks and scheduled a roadshow for a planned five-year Islamic bond, or sukuk.
Citigroup, Dubai Islamic Bank, NBD Capital, First Abu Dhabi Bank and HSBC are joint lead managers and joint bookrunners of the Dubai-based developer’s Regulation S deal.
In new paper, Korea’s Hanwha Total Petrochemical Co. Ltd. has issued $400 million of 3 3/8% senior notes due 2024 (Baa1/BBB).
Lead managers and bookrunners of the Regulation S deal for Korea’s lead petrochemicals producer were Citigroup Global Markets Ltd., Credit Agricole CIB and Standard Chartered Bank.
Proceeds will be used for general corporate purposes, including repaying debt and capital spending.
Also, Philippines’ Asian Development Bank said it has priced £500 million of new floating-rate notes due 2022 at par on Wednesday to yield a spread of 26 basis points over the Sterling overnight index average, according to a syndicate source.
HSBC, RBC Capital Markets and TD Bank are bookrunners for the Regulation S deal.
The issuer is a development bank based in Manila.
And Zhenro Properties Group Ltd. priced a $150 million add-on to its 10½% senior notes (B3/B-) due 2020, according to an announcement.
Zhenro originally priced $250 million of the 10½% notes on June 28, 2018.
The company is a real estate developer and property manager based in Shanghai.
In the broader markets, global stocks were mostly lower, but there were pockets of strength with China and Korea’s major indices up.
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