Rickmers, Gallant Venture bring new issues; Masisa trades higher; Lat-Am bids stay firm

By Christine Van Dusen

Atlanta, May 5 - Two issuers from Singapore - Rickmers Maritime and Gallant Venture Ltd. - sold notes on a Monday that saw limited trading activity for Latin American bonds.

"Petrobras managed to close a few tighter, but most other spread credits were unchanged on the day with super-light volumes," a New York-based trader said. "Most high-grade credits were quiet, but the ones that did manage to trade did so at level's close to Friday's close, as the firm underlying tone is still evident."

The recent issue of 9½% notes due 2019 that Chile's Masisa SA priced at par ended Monday about a point higher, he said.

"Small buyers sniffing around, but little paper to be had," he said. "Paper is trading up in the Street at 102.30, with some late retail prints above 103."

Deutsche Bank, Itau BBA, JPMorgan and Scotiabank were the bookrunners for the Rule 144A and Regulation S deal.

Bids, in general, were firm, given that supply is limited, he said, and the market appeared to be in consolidation mode after the previous week's move higher and tighter.

"Chilean credits that have been quiet for months are now in play," he said. "Peru banks also remain firm, in demand and difficult to source."

In deal-related news, several issuers mandated banks for upcoming deals, including Indonesia's PT Perusahaan Gas Negara (Persero) Tbk, Power Construction Corp. of China, Rizhao Port (Hong Kong) Co. Ltd., Export-Import Bank of China (Chexim) and Ivory Coast.

The new deal from Singapore-based container ship company Rickmers Maritime - S$100 million 8.45% notes due May 15, 2017 - priced Monday at par to yield 8.45% via DBS and HSBC, a market source said.

DBS and HSBC were the bookrunners for the deal.

Gallant prices bonds

In its new deal, Singapore-based investment holding company Gallant Venture priced S$150 million 5.9% notes due in 2017 at par to yield 5.9%, according to a company announcement.

The notes were talked at a yield in the 6% area.

CIMB and Standard Chartered Bank were the bookrunners for the Regulation S deal.

The proceeds will be used to partially refinance existing syndicated term loans. CIMB and Standard Chartered are part of the syndicate.

Persero markets dollar notes

Indonesia-based gas company Persero set out on Monday for a roadshow to market a dollar-denominated issue of benchmark-sized notes. a market source said.

ANZ Banking Group, JPMorgan and Standard Chartered Bank are the bookrunners for the Rule 144A and Regulation S deal.

The roadshow will be held in Asia, Europe and the United States.

Chinese corporates roadshows

Beijing's Power Construction has mandated Standard Chartered Bank, Bank of Communications (Hong Kong branch) and HSBC as bookrunners for a renminbi-denominated issue of notes that will be marketed during a roadshow, a market source said.

And China's Rizhao Port will set out on Tuesday for a roadshow to market a renminbi-denominated issue of bonds.

ABC International and Barclays are the bookrunners for the Regulation S deal.

Chexim taps bookrunners

China's Chexim has mandated Bank of China, Bank of Communications, Barclays, Credit Agricole, Deutsche Bank, HSBC and Mitsubishi UFJ Securities as bookrunners for a renminbi-issue of notes, a market source said.

The Regulation S notes are expected to be issued in multiple tranches.

Ivory Coast picks leads

Ivory Coast has mandated Citigroup, BNP Paribas and Deutsche Bank for a dollar-denominated issue of notes due in 10 years, a market source said.

No other details were immediately available on Monday.

The sovereign previously announced plans to issue $1 billion of eurobonds in 2014.

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