Emerging markets primary active; Aramco prices $12 billion; Brazil’s CSN, Alicorp price

By Rebecca Melvin

New York, April 10 – The emerging-markets debt market saw a number of deals price on Wednesday, including the widely anticipated Saudi Arabian Oil Co.’s (Aramco) notes, which came in five tranches for $12 billion. The notes priced competitively but were heard to have mostly slipped in aftermarket trading.

Also on Wednesday CSN Resources SA, a subsidiary of Brazil’s Companhia Siderurgica Nacional (CSN), priced $1 billion of notes in two parts, including $600 million of new seven-year notes with a 7 7/8% coupon and a $400 million tap of its existing 7 5/8% notes due 2023.

The pricing was tightened from initial price thoughts.

CSN Resources is also tendering for any and all of its $547.1 million outstanding 6 7/8% senior guaranteed notes due 2019 and for part of its $1.1 billion outstanding 6½% senior notes due 2020.

Peru-based Alicorp SAA’s local-currency deal S/. 1.64 billion of 6 7/8% notes due 2027, which was marketed internationally, priced at par.

The Republic of Panama was also heard to have priced a bond but further information could not be obtained by Prospect News’ deadline.

For CIS, GTLK Europe Capital DAC was talking a benchmark offering of dollar-denominated six-year senior notes (expected ratings: Ba2//BB) on Wednesday to yield 6 3/8% to 6½%, according to a market source.

© 2015 Prospect News.
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