ICBC sets roadshow; Indonesia’s Bukit Asam plans dollar deal; Asian credits, Ukraine flat

By Aleesia Forni

Virginia Beach, Sept. 14 – Industrial and Commercial Bank of China Ltd. and PT Bukit Asam (Persero) Tbk are each eyeing possible dollar bond sales, announcing investor meetings ahead of the planned offerings.

ICBC said it will begin a roadshow on Monday ahead of a proposed tier 2 capital issue.

The Beijing-based bank plans to use proceeds from the Rule 144A and Regulation S offering to replenish its tier 2 capital.

And Bukit Asam mandated Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC to arrange a series of investor meetings this week ahead of its dollar bond.

The coal mining company is based in Sumatra, Indonesia.

In Asian credits, spreads held up in the face of a drop in equities and were mostly flat on the day.

Korea Development Bank’s recently priced $750 million issue of 3 3/8% 10-year notes was 5 bps tighter at 110 bps bid, a market source said.

The issue sold at Treasuries plus 115 bps on Wednesday.

BNP Paribas, BofA Merrill Lynch, Credit Agricole CIB, JPMorgan, KDB Asia, Standard Chartered Bank and UBS were the bookrunners for the Securities and Exchange Commission-registered offering.

In other trading, Ukrainian sovereign bonds were also largely unchanged on the day, according to a market source, while quasi-sovereigns and corporates were also holding firm.

Ukraine’s bonds due 2017 rose to 75.3 bid, 77 offered, while the 2023s were unchanged at 75 bid, 77 offered.

The source also noted solid demand for MetInvest BV’s bonds due 2018.

Marisa Wong contributed to this review.

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