Investors chew on Saudi Arabia mega-deal; Russian lenders set roadshows; Dehli Airport eyed

By Christine Van Dusen

Atlanta, Oct. 21 – Emerging markets investors continued to digest the $17.5 billion issue of notes from Saudi Arabia on a Friday that saw two Russian banks set roadshows for upcoming deals.

In trading during the session, bonds from Indonesia traded higher after the central bank lowered the seven-day reverse repurchase rate, its sixth reduction this year, designed to buoy the economy, according to a report from Schildershoven Finance BV.

In other trading, the new issue from Turkey’s Turkiye Vakiflar Bankasi TAO (Vakifbank) – $500 million 5½% notes due 2021 that priced Thursday at 99.509 – saw some activity.

The notes were spotted at 99.51 bid, 99.61 offered, a trader said.

Societe Generale was the bookrunner for the Rule 144A and Regulation S deal.

In deal-related news, Russia's Credit Bank of Moscow will hold a roadshow from Oct. 24 to Oct. 26 for a dollar-denominated offering of five-year notes, a market source said.

And Russia's OJSC Alfa Bank will market a dollar-denominated offering of perpetual notes during a roadshow on Oct. 24 and Oct. 25, a market source said.

UBS is the bookrunner for the deal.

Meanwhile, the final order book for India-based Delhi International Airport Pvt Ltd.'s new $522.6 million 6 1/8% notes due 2026 was $3.4 billion from 220 participants, according to an informed source.

The notes priced on Thursday at par to yield 6 1/8%, following talk in the 6¼% area.

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