Primary active; Unigel talks benchmark; Peru LNG on tap for Thursday; Gaz Capital launches

By Rebecca Melvin

New York, March 14 – Market players eyed initial price talk that emerged on Wednesday on Unigel Participacoes SA’s proposed notes expected to price on Thursday and also watched for additional deals for the Latin America region, which has been light on transactions for the last week and radio silent for the three weeks prior to that.

Unigel plans to price a dollar-denominated benchmark of seven-year notes with a yield in the area of 8%. The notes are non-callable for four years.

Morgan Stanley and UBS are joint bookrunners for the Brazilian commodity chemical producer’s notes offering and managed the roadshow that wrapped up on Wednesday.

Peru LNG SRL, which has been on the calendar for a $940 million offering of 12-year notes since last week, was also signaled for pricing on Thursday. But additional details were not yet forthcoming from a syndicate source regarding the Lima-based gas-fired power company’s deal.

There was nothing additional on InRetail Shopping Malls either, which said Wednesday that it is planning to price new notes in tandem with a tender offer of existing notes.

InRetail is a shopping mall operator based in Lima, Peru.

A deal is also in the works for Gilex Holding Sarl, a Colombia-focused holding company with a 95% stake in Banco GNP Sudameris SA, a New York-based market source pointed out. Gilex is planning a dollar-denominated offering of senior notes that was rated B2 by Moody’s Investors Service.

In Africa, Tunisia is planning an offering of $1 billion of senior unsecured medium-term notes. A roadshow for this deal is expected to start later in March. The Africa sovereign is following on the heels of several African nation issuers so far this year including Nigeria, Senegal, Kenya and Ivory Coast, which is expected to price shortly.

Meanwhile, Russia’s Gaz Capital SA launched a Regulation S deal for €750 million of eight-year notes, which were expected to yield 2˝%. J.P. Morgan Securities plc, Renaissance Capital, Deutsche Bank, Gazprombank and VTB Capital are the bookrunners for the Moscow-based energy company’s deal.

Also joining the calendar among Asia issuers is China’s Lenovo Group Ltd., which plans to issue dollar-denominated notes due 2023 and 2028 under Regulation S. The proceeds will be used to repurchase its outstanding 2019 and 2022 notes, which are being tendered concurrently with the offering of new notes.

Along with the Beijing-based technology company, Korea Water Resources Corp. has mandated banks for an offering of dollar-denominated green or water bonds under Regulation S. BNP Paribas, Citigroup, Credit Agricole CIB and SG CIB are arranging the roadshow for that deal in Asia and Europe, starting March 19.

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