Emerging markets primary keeps busy; Country Garden prices, CSN plans benchmark deal

New York, Sept. 2 - The emerging markets primary saw another active session Thursday even though U.S. markets, at least in theory, are still on summer break.

Country Garden Holdings Ltd. priced an offering of bonds, Korea National Housing Corp. set talk on its planned sale and Companhia Siderurgica Nacional announced plans for a benchmark-sized transaction.

The news came the day after news emerged that Romania is planning a five-year sovereign bond sale via Credit Suisse, UBS and Deutsche Bank and Islamic Development Bank plans to bring a deal via BNP, Deutsche Bank and HSBC. Both those transactions, however, appear to be further off as no timing, talk or, in the case of Islamic Development Bank, tenor have been set so far.

Country Garden prices $300 million

Country Garden Holdings priced a $300 million issue of five-year senior notes (Ba3/BB-) at par to yield 11¾%.

The yield was printed at the tight end of the 11¾% to 12% price talk.

JP Morgan was the bookrunner.

The Hong Kong-based property developer will use the proceeds to repay debt, to fund property projects and for general corporate purposes.

Korea National Housing sets talk

Korea National Housing set unveiled price talk for its benchmark-sized offering of five-year notes (A2/A).

The deal is expected to come to market in the 275 basis points over Treasuries area, according to a market source.

A roadshow to market the deal was scheduled to complete on Wednesday after beginning on Monday.

Bank of America Merrill Lynch, Citigroup, Goldman Sachs & Co., Morgan Stanley, Samsung Securities and UBS AG are leading the Regulation S deal.

Proceeds will be used for general corporate purposes.

CSN to bring bonds

Also at benchmark size, Brazilian steel firm Companhia Siderurgica Nacional will launch a benchmark-sized offering of senior notes with a roadshow that starts early next week, according to a market source.

It will begin with stops on Sept. 8 and Sept. 9 in London, on Sept. 10 in New York, on Sept. 11 in Boston and on Sept. 14 in Los Angeles.

Pricing is subject to market conditions.

Morgan Stanley and Banco Itau are joint bookrunners.

Moody's Investors Service assigns a Ba1 issuer rating to CSN. The Standard & Poor's issuer rating is BB+. Fitch Ratings assigns its BBB- issuer rating to CSN.

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