New Nigeria bonds up in trade; Credito Real prices at tight end; Cemig GT sets roadshow

By Rebecca Melvin

New York, Nov. 21 – Nigeria’s newly priced 6½% notes due 2027 and 7 5/8% notes due 2047 traded up strongly Tuesday after the sovereign priced $1.5 billion of each tranche well below initial talk, according to a market source.

The Nigeria 2027 notes were quoted at 101 5/8 bid, 101¾ offered and the Nigeria 2047 notes at 102¼ bid, 102¾ offered in the early going.

The deals met with significant demand from investors attracted to the high yield and decent value of the bonds as well as the issuer credit boosted by its strong oil reserves.

There was a flurry of activity in the emerging Asia primary market with the Export-Import Bank of China (Chexim) launching a combined $2.1 billion of five-, 10- and 30-year notes and a €1 billion tranche of 5.5-year notes.

In Latin America, Mexico’s Credito Real SAB de CV Sofom ER priced an upsized $230 million of 9 1/8% subordinated perpetual notes at par.

Also, Cemig Geracao e Transmissao SA, the generation and transmission unit of Brazil’s Companhia Energetica de Minas Gerais, has set fixed-income investor meetings starting Thursday in regard to a planned offering of dollar-denominated notes.

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