SembCorp starts roadshow; Gazprom circling investors; Inkia Energy prices $450 million

By Paul A. Harris

Portland, Ore., Nov. 9 – Despite weakness in European equities, the tone of emerging markets continued to improve on Thursday, according to a London-based trader focused on Central and Eastern Europe, Middle East and Africa (CEMEA).

Earlier in the week the sector widened on news of geopolitical tensions among Saudi Arabia and some of it Middle Eastern neighbors.

Spreads, which had widened as much as 25 basis points on Tuesday, had come in and were perhaps only 10 bps wider on Thursday, the trader said.

The headline noise did not appear to be impacting the new issue market, the trader said.

In one example of a CEMEA primary market up and running, Emirates SembCorp Water & Power started a roadshow on Thursday for a $400 million offering of senior secured notes due 2035 (A2/A-).

OAO Gazprom plans to commence meetings with fixed-income investors on Monday ahead of a proposed benchmark euro-denominated Regulation S offering of notes.

Elsewhere, Brazil-based Fibria Celulose SA announced it intends to issue dollar-denominated notes.

Inkia Energy Ltd. announced in a Thursday press release that it has priced $450 million of 5 7/8% 10-year senior notes.

African Development Bank has priced $2 billion issue of 2 1/8% five-year bonds at 99.745.

And China Development Bank plans to issue euro-denominated four-year green bonds.

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