OCP, Doosan Heavy Industries join forward calendar; Turkey, Shinhan Bank bonds tighten

By Aleesia Forni

Virginia Beach, April 10 – OCP SA and Doosan Heavy Industries & Construction Co., Ltd. announced new deal plans during a mostly positive session for emerging markets, with new issues from Turkey and Shinhan Bank continuing to trade tighter in the secondary market.

Morocco’s OCP is conducting a roadshow ahead of a planned dollar-denominated benchmark bond offering via bookrunners Barclays and Morgan Stanley & Co. LLC.

The sale will be done via Rule 144A and Regulation S.

OCP is a state-run phosphate company that is based in Casablanca.

Meanwhile, Doosan Heavy Industries & Construction, a subsidiary of Doosan Group, is prepping an offering of five-year dollar-denominated bonds, according to an informed source.

The company will begin a series of investor meetings on April 13 ahead of a possible Rule 144A and Regulation S transaction.

The notes are guaranteed by the Export-Import Bank of Korea.

The construction equipment manufacturer is based in Changwon, South Korea.

Shinhan Bank firms

In the secondary market, spreads in the Asian space continued to tighten on the day, a market source said.

South Korea’s Shinhan Bank’s new $600 million 2¼% five-year note traded another 3 basis points tighter on the day at 84 bps offered.

The issue priced at Treasuries plus 92.5 bps on Wednesday.

The Seoul-based lender previously held roadshows on March 16 and March 26.

Turkey notes tighten

Turkey’s recently priced new issue also traded tighter on the week.

The $1.5 billion of 4¼% notes (expected: Baa3//BBB-) due April 14, 2026, which sold at Treasuries plus 250 bps on Wednesday, traded around 238 bps offered.

Deutsche Bank, Goldman Sachs and HSBC are the bookrunners.

Proceeds will be used for general financing purposes, which may include the repayment of debt.

Mexico’s eurobond flat

A trader noted that there was “not much movement” in Mexico’s €1.5 billion of 4% 100-year global notes (A3/BBB+/BBB+), which sold on Wednesday at 95.322 to yield 4.2%.

The notes were quoted at 101½ on Thursday.

Goldman Sachs & Co. and HSBC were the bookrunners.

The proceeds will be used for general governmental purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.