Nigeria, Hyundia to host roadshows in U.S.; Central China Real Estate prices senior notes

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, April 11 - The Markit iTraxx SovX CEEMEA Index of Central and Eastern European, Middle East and African credit-default swaps was tighter by 6 basis points just ahead of the New York open, at 290 bps bid, 292 bps offered.

Single-name CDS were tighter by 3 bps to 7 bps on decent volume, according to a trader in London.

In cash bonds, VTB Capital SA's recently issued 6% notes due 2017 traded on Wednesday at 100.22 bid, 100.32 offered, after closing Tuesday night at par bid, 100.13 offered. The deal was priced at par.

In the primary market, Nigeria will host a roadshow in the United States next week and will likely take advantage of the appetite for sovereign risk in the emerging markets space, according to a market source.

The roadshow comes ahead of a possible bond offering, one market source said.

The sovereign completed investor meetings in London and Zurich, which were arranged by Citigroup and Deutsche Bank.

Also in the primary during an "extremely quiet" Wednesday, Central China Real Estate Ltd. priced a S$175 million issue, while Hyundia Motor Co. is eyeing a possible bond offering.

Central China Real Estate notes

Central China Real Estate priced S$175 million of non-callable four-year senior notes (B1/B+) at par to yield 10 ¾%, according to a market source.

The yield printed on top of yield talk.

Morgan Stanley & Co. International plc, Deutsche Bank AG, Singapore Branch and Oversea-Chinese Banking Corp. Ltd. were the joint bookrunners.

Proceeds will be used for new and existing property projects, to repay debt and for general corporate purposes.

The investment holding company primarily engages in the property development business in the Henan Province of China.

Hyundai Motor roadshow

Hyundai Motor (Baa2/BBB+) will begin a roadshow in the United States ahead of a possible bond offering, according to a market source.

The deal is coming via Citi, Bank of America Merrill Lynch, Barclays, BNP Paribas and Goldman Sachs.

The roadshow will make stops in New York, Boston, Chicago and Los Angeles.

Hyundai is a Seoul, South Korea-based commercial vehicle producer.

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