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Nigeria prices oversubscribed $2.87 billion deal; CAF selling $2.5 billion five-year notes
By Paul A. Harris
Portland, Ore., Nov. 14 – In the Wednesday emerging markets session, Nigeria priced $2,868,352,000 of global bonds (B2/B/B+) in three tranches.
And Corporacion Andina de Fomento (CAF) set initial spread talk on a $2.5 billion of five-year global notes in the mid-swaps plus 80 basis points area.
Emerging markets debt was a little softer on Wednesday, according to a syndicate banker in New York.
Big swings in equities gave way to an erratic session in emerging markets debt, the banker remarked.
Nevertheless deals got done, the source said.
Nigeria deal oversubscribed
Nigeria priced $2,868,352,000 of global bonds (B2/B/B+) in three tranches on Wednesday.
The deal included $1,118,352,000 of seven-year notes that priced at par to yield 7 5/8%. The yield printed at the tight end of yield talk in the 7¾% area and inside of initial guidance in the 7 7/8% area.
A $1 billion tranche of 8.747% 12-year notes priced at par to yield 8¾%. The yield printed in the middle of yield talk in the 8¾% area and tight to initial guidance in the 7 7/8% area.
The long tranche came in the form of a $750 million issue of 9.248% 30-year notes, which priced at par to yield 9¼%. The yield printed at the tight end of yield talk in the 9 3/8% area and tighter than the 9 3/8% to 9½% initial guidance.
The deal played to order books that were 3.5 times to four times oversubscribed, the source said.
Citigroup and Standard Chartered Bank were the joint bookrunners.
CAF guides at 80 bps
CAF set initial spread talk on a $2.5 billion of five-year global notes in the mid-swaps plus 80 bps area.
Barclays, Goldman Sachs International and HSBC are the joint bookrunners.
The Caracas-based regional development bank plans to use the proceeds to repay debt set to mature during the first half of 2019.
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