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.

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.

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.

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.

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