Freight Links, KazAgro tap primary market; Armenia, Russia, Tanzania in new deal pipeline

By Aleesia Forni

Virginia Beach, Va., May 17 - Singapore's Freight Links Express Holdings Ltd. and Kazakhstan's JSC National Managing Holding KazAgro (KazAgro) came to Friday's primary in the emerging markets space, while sovereigns Armenia and the Republic of Tanzania joined the pipeline with proposed issues.

Freight Links sold S$100 million of notes due 2017, while KazAgro priced a $1 billion issue of 10-year notes.

In forward calendar news, Armenia plans to price $500 million 10-year notes, while Tanzania is planning an issuance of up to $2 billion. Both expect to sell their respective issues during 2013.

Russia also plans to tap the market, announcing that bookrunners will be mandated during the May 20 week ahead of a proposed offering.

The upcoming week will also see Banco Santander Chile hosting a series of investor meetings beginning on Tuesday.

Another financial name announced its plan to hit the primary market, as Brazilian Development Bank expects to sell up to $3 billion of notes to help finance the bank's lending program.

In the secondary market, Abu Dhabi Islamic Bank's $1 billion issue of 6 3/8% perpetual Islamic bonds was quoted at 105.62 bid, 106.12 offered during Friday's session.

The bank priced the issue at par to yield 6 3/8% in November.

In another perpetual issue from that region, Dubai Islamic Bank PJSC's perpetual notes traded at 102.37 bid, 102.87 offered.

The $1 billion of 6¼% perpetual notes priced at par to yield 6¼% on March 13.

Freight Links new issue

Singapore's Freight Links Express priced S$100 million of notes due 2017 at par to yield 4.6% on Friday, according to a market source.

DBS Bank was the bookrunner.

The deal is part of the company's S$400 million multicurrency medium-term note program, and proceeds will be used for general corporate purposes, including the refinancing of borrowings, investments and general working capital.

Freight Links is a logistics services provider.

KazAgro sells $1 billion

KazAgro also hit Friday's primary, pricing $1 billion of 10-year notes at par to yield 4 5/8%, according to a market source.

HSBC and JPMorgan were the bookrunners for the Rule 144A and Regulation S deal.

KazAgro is an Astana, Kazakhstan-based agricultural company.

Santader Chile roadshow

In other primary action, Banco Santander Chile has chosen banks ahead of a series of investor meetings during the May 20 week, according to a market source.

BNP Paribas, Deutsche Bank and Goldman Sachs will arrange the roadshow.

The marketing trip will run from May 21 through May 23.

Banco Santander Chile was last in the market in March with a CHF 150 million issue of notes due 2017, which priced at par.

The bank's headquarters are located in Santiago, Chile.

Sovereigns eye deals

Armenia, Russia and Tanzania all plan to price new deals during 2013.

Armenia could price a $500 million offering of 10-year notes, according to a market source.

Tanzania is eyeing up to $2 billion of notes.

The sovereign last came to the market in February and priced $600 million seven-year amortizing notes at par to yield Libor plus 600 basis points.

Meanwhile, Russia plans to mandate bookrunners during the May 20 week ahead of a proposed bond offering.

The sovereign previously announced a plan to price its first offering in more than a year of up to $7 billion notes during 2013.

Russia was last in the market in March 2012, pricing $7 billion of bonds in three tranches.

Brazilian bank plans offering

Brazilian Development Bank is also on deck to take to the primary market, as the bank announced it may issue up to $3 billion of notes.

Proceeds would be used to help finance the bank's lending program.

The lender is based in Rio de Janeiro.

Christine Van Dusen contributed to this review.

© 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.