Primary sees Swiber, Syndicate Bank, Icici Bank; Russian bonds in demand; Zambia lags

By Christine Van Dusen

Atlanta, May 29 - Singapore's Swiber Holdings Ltd., India's Syndicate Bank and India's Icici Bank Ltd. were among the issuers to print bonds on Thursday during a solid trading session for most emerging markets assets.

In particular, corporate and sovereign bonds from Russia saw "decent demand" despite the continuing focus on tension related to Ukraine and Russia, a London-based analyst said.

"The market opened strong this morning," she said.

Only Zambia's 2024 dollar bond stood out as a laggard, moving down a point to 107½ on Thursday, a London-based trader said.

The new issue of notes from Turkey's Turkiye Halk Bankasi (Halkbank) - $500 million 4¾% notes due June 4, 2019 that priced Wednesday at 99.934 to yield mid-swaps plus 320 basis points - climbed in the secondary market to 101, she said.

About 32% of the orders came from the United States, 31% from the United Kingdom, 28% from Europe, 5% from the Middle East and North Africa and 4% from Asia.

Fund managers bought 83%, banks and private banks 10%, insurers and pension funds 6% and others 1%.

Barclays, Citigroup, Goldman Sachs, HSBC and UniCredit were the bookrunners for the Rule 144A and Regulation S deal.

In other news from Turkey, Turkiye Vakiflar Bankasi TAO (Vakifbank) has mandated Barclays, BNP Paribas, Commerzbank, Erste Group, Natixis and UniCredit as bookrunners for a euro-denominated issue of notes, a market source said.

The Regulation S deal will be marketed on a roadshow starting June 2.

Also on Thursday, Sinotrans Ltd. was on a roadshow and Banco do Brasil SA made plans for a marketing trip of its own.

Swiber prints bonds

In its new deal, Singapore-based offshore oil and gas company Swiber Holdings sold S$130 million 5 1/8% notes due June 6, 2016 at par to yield 5 1/8% via DBS in a Regulation S deal, a market source said.

The proceeds will be used to refinance existing borrowings.

The day also saw India's Icici Bank sell a $250 million add-on to its 4.8% notes due May 22, 2019 with HSBC and RBS.

Other details on the pricing of the notes were not immediately available on Thursday.

The original $750 million issue priced at 99.609 to yield 4.882%, or Treasuries plus 355 bps.

Syndicate Bank sells notes

India's Syndicate Bank sold $400 million 3 7/8% notes due Dec. 4, 2019 at par to yield 3 7/8%, or Treasuries plus 240 bps, a market source said.

Citigroup, Deutsche Bank, HSBC, SBI Capital Markets and Standard Chartered Bank are the bookrunners for the Regulation S deal.

The final book was $3 billion from 225 accounts, with 71% from Asia, 4% from the offshore United States and 25% from Europe, the Middle East and Africa.

Fund managers picked up 40%, banks 37%, corporates 13%, private banks 6% and the public sector 4%.

Beijing Auto sets talk

China's Beijing Automotive Group Co. Ltd. set talk in the 4¾% area for its upcoming issue of renminbi-denominated notes due in three years, a market source said.

DBS Bank and UBS are the bookrunners for the Regulation S deal.

The notes will be issued by Maikun Investment Co.

Kaisa gives guidance

China's Kaisa Group Holdings Ltd. set talk at 9¼% for a dollar-denominated issue of benchmark-sized notes due in five years, a market source said.

Citigroup, Credit Suisse, Goldman Sachs, HSBC and JPMorgan are the bookrunners for the Regulation S deal.

The proceeds will be used to refinance debt, finance existing and new property projects, and for general corporate purposes.

Kaisa Group is a Shenzhen, China-based property development company.

Inbursa launches

Mexico's Banco Inbursa, SA, Institucion de Banca Multiple, Grupo Financiero Inbursa (Banco Inbursa) launched $1 billion notes due in 10 years at Treasuries plus 185 bps, a market source said.

The notes were initially talked at a spread in the 200 bps area.

Credit Suisse, BofA Merrill Lynch and Citigroup are the bookrunners for the Rule 144A and Regulation S deal.

The issuer is a banking company based in Mexico City.

Brazilian bank sets roadshow

Banco do Brasil will set out on June 2 to market a dollar-denominated issue of notes with BB Securities, BNP Paribas, Citigroup, HSBC, JPMorgan and Standard Chartered Bank, a market source said.

The Rule 144A and Regulation S roadshow will begin in Singapore and move to Hong Kong, London, Geneva, Zurich, Boston and Los Angeles before concluding on June 10 in New York.

Sinotrans on roadshow

China-based logistics company Sinotrans embarked on Thursday on a roadshow for a renminbi-denominated issue of notes, a market source said.

HSBC, Morgan Stanley, Bank of China and ABC International are the bookrunners for the Regulation S deal.

Gross proceeds will be on-lent by the issuer to Sinotrans (Hong Kong) Logistics Ltd. in the form of a loan. Net proceeds will be used for repayment of existing debt and for general corporate purposes.

Issuance from Trikomsel

On Wednesday, Indonesia's Trikomsel Pte. Ltd. printed S$100 million 7 7/8% notes due June 5, 2017 at par to yield 7 7/8%, a market source said.

The pricing matched talk, set in the 7 7/8% area.

ANZ, Deutsche Bank and Standard Chartered Bank were the bookrunners for the Regulation S deal.

The proceeds will be used to refinance a portion of existing borrowings.

The issuer is a wholly owned subsidiary of PT Trikomsel Oke Tbk, a mobile phone operator based in Jakarta, Indonesia.

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