FirstRand trades up; Indonesia prices euro, dollar notes; KazMunayGas, Omantel set talk

By Rebecca Melvin

New York, April 17 – FirstRand Bank Ltd.’s newly priced 6¼% 10-year notes traded well early Tuesday after the Johannesburg-based financial services company priced $500 million of the tier 2 subordinated notes at 99.472 to yield 6 3/8%, according to a London-based trader.

The FirstRand deal was seen 101¼ bid, 101¾ offered.

Meanwhile, the European session in emerging markets was busy, with a euro-denominated seven-year tranche from Indonesia at €1 billion in size to yield mid-swaps plus 115 basis points. Indonesia also priced $1 billion of 10-year notes. There were also five deals that had been on the forward calendar in various stages of pricing on Tuesday in Europe.

Kazakhstan’s state-owned oil and gas company’s KazMunayGas was guiding pricing on three tranches of dollar notes for a yield on the seven-year notes at 4¾% to 4 7/8%, for the 12-year notes at 5 3/8% to 5½% and for the 30-year notes at 6.45% to 6.6%.

The order books were seen in excess of $4.25 billion.

The new deals were pricing concurrently with a tender for four series of notes.

Terms were also firming for Dubai’s Noor Bank PJSC, which was heard to have launched a five-year dollar sukuk to yield mid-swaps plus 165 bps, and Oman Telecommunications Co. SAOG (Omantel)’s two-tranche benchmark offering of five- and 10-year notes.

Omantel’s $600 million notes due Oct. 24, 2023 launched with a yield of 5 7/8%, which was below guidance of 6 1/8% to 6¼% and initial price talk of 6 3/8% to 6½%. And its $900 million of notes due April 24, 2028 launched with a yield of 6 7/8%, which was below guidance of 7% to 7 1/8% and initial price talk at 7¼%.

The Ankara-based commercial real estate development and investment company Ronesans Gayrimenkul Yatirim AS plans to price its U.S. dollar-denominated five-year benchmark offering of notes as soon as Wednesday, a syndicate source said on Tuesday.

The deal has been on the forward calendar since last week as well.

A couple of new deals joined the Latin America new deal calendar. Brazil’s Light SA utility company is coming with a dollar-denominated offering of five-year notes, which is pricing via joint bookrunners BB Securities, Citigroup, Santander, Bradesco, Itau and XP Securities.

Also Colombia’s Transportadora de Gas Internacional SA ESP natural gas distribution company plans to price senior unsecured notes due 2028 via HSBC and JPMorgan.

Proceeds will be used to refinance some or all of existing 2022 notes.

The two new deals join Banco de la Cuidad de Buenos Aires, which is slated to wrap up roadshow meetings on Wednesday for a peso-denominated international deal of floating-rate notes via bookrunners HSBC and Nomura.

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