Emerging Markets: Ahli United sells $600 million sukuk; Czech Gas brings €500 million deal

By Rebecca Melvin

Concord, N.H., Sept. 3 – The emerging-markets debt market quieted again as the last few days of August played out and as September began this past week.

A notable deal that did break through was Bahrain’s AUB Sukuk Ltd., which priced $600 million five-year fixed-rate Islamic bond, or sukuk, senior trust certificates, according to Prospect News’ data.

The sukuk is guaranteed by Ahli United Bank BSC and Al-Hilal Islamic Banking Services, according to a notice on Friday.

The Ahli United Bank trust certificates were offered at par and will be listed on the London Stock Exchange.

J.P. Morgan Securities plc, HSBC, Bank ABC, Dubai Islamic Bank, Kamco Invest, KFH Capital, Kuwait International Bank and Mashreq Bank are the managers.

Ahli United is a regional bank based in Bahrain.

Czech Gas Networks Investments Sarl, the parent of Czech Grid Holding as, sold on Wednesday a €500 million offering of eight-year green bonds (//BBB+) with a 0.45% coupon at 99.945, according to a stabilization notice.

As previously reported, ING is green structurer of the Regulation S deal, which is the company’s inaugural green bond. ING is also a joint bookrunner together with Citigroup, Societe Generale and UniCredit.

A global investor call regarding the senior secured bond was held on Aug. 27, followed by additional fixed-income investor calls.

The issuer is a natural gas distributor in the Czech Republic.

In the local currency domain, Betterware de Mexico, SAPI de CV announced it completed a two-tranche offering of sustainability bonds totaling Ps. 1.5 billion in the Mexican market.

The company sold a four-year tranche totaling Ps. 500 million bearing interest at the 28-day interbank interest rate plus 40 basis points, payable monthly.

The Ps. 1 billion seven-year tranche carries a fixed coupon of 8.35%, payable semiannually.

Grupo Bursatil Mexicano SA de CV acted as lead underwriter and also joint bookrunner alongside Casa de Bolsa BBVA Bancomer SA de CV.

The order book was more than three times oversubscribed, according to a press release.

Betterware expects to use proceeds for general corporate purposes, including prepayment of long-term debt, additional investments in Campus Betterware and other initiatives with positive environmental and social impacts.

Fitch Ratings assigned a rating of AA(mex) and HR Ratings assigned a rating of AA+/HR1 to the bond issuance.

Betterware is a direct-to-consumer selling company based in Guadalajara, Mexico.

© 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.