Africa Finance, Turkiye Sinai, BBVA join forward calendar; Shinhan Bank notes firm

By Aleesia Forni

Virginia Beach, April 9 – Nigeria’s Africa Finance Corp., Turkiye Sinai Kalkinma Bankasi AS and BBVA Colombia SA each announced plans to begin roadshows ahead of possible dollar offerings during “another active day in the market,” a London-based trader said.

In the secondary market, bonds from the Middle East were active during the session, while the new issue from South Korea’s Shinhan Bank traded better on the day.

The primary market saw Lagos-based Africa Finance mandate Citigroup Global Markets Inc., MUFG, Standard Bank and Standard Chartered to arrange a series of investor meetings that will begin on April 13.

BBVA Colombia will conduct its roadshow in the United States and the United Kingdom beginning on Friday ahead of a possible dollar-denominated offering of subordinated tier 2 notes (expected: Baa3//BBB), according to an informed source.

BBVA and Morgan Stanley are arranging the series of meetings for the Bogota, Colombia-based bank.

The meetings will be held in Los Angeles on April 10, London on April 13, Boston on April 14 and New York on April 15.

Meanwhile, Turkiye Sinai Kalkinma Bankasi tapped BNP Paribas Securities Corp., Commerzbank, ING and Standard Chartered to arrange a roadshow during the week ahead for a possible Regulation S deal.

The issuer is a subsidiary of Istanbul-based Turkiye Is Bankasi AS (Isbank).

Shinhan Bank firms

Spreads in the Asian space were mostly tighter on the day, a market source said.

The recently printed issue from South Korea’s Shinhan Bank – a $600 million 2¼% five-year note priced at Treasuries plus 92.5 basis points on Wednesday – firmed around 5 bps compared to its pricing level.

The trader saw the notes trade at 87 bps bid early during the session.

The Seoul-based lender previously held roadshows on March 16 and March 26.

Middle East bonds active

A trader noted that Kuwait-based Burgan Bank’s perpetual bonds traded “back above par,” while Abu Dhabi Islamic Bank’s perpetual bonds traded up to above 105.

“[Perpetuals] continue to trade well although perhaps pausing a little for breath here,” he said.

The trader quoted Ras al-Khaimah’s 2025s unchanged on the day at par.

“No announced or public deals on the wires sees the local liquidity hunting down existing secondary paper,” a London-based trader said.

Mexico’s eurobond trades up

Mexico’s €1.5 billion of 4% 100-year global notes (A3/BBB+/BBB+), which sold on Wednesday at 95.322 to yield 4.2% on Wednesday, was quoted at 101½ on Thursday by a trader.

The deal garnered an order book that was more than four times oversubscribed.

Goldman Sachs & Co. and HSBC were the bookrunners.

The proceeds will be used for general governmental purposes.

© 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.