Russia's $7 billion deal crowds out other deals; OGX prices notes; Bladex sets price talk

By Aleesia Forni

Columbus, Ohio, March 27 - Russia's plan to issue $7 billion of eurobonds "crowded out everything else" in the emerging markets space on Tuesday, according to a market source.

Russia is expected to issue a $3 billion 30-year bond at Libor plus 280 basis points on a swapped basis, representing a 15 bps tightening from initial talk.

However, a London-based source expects the 30-year issue to settle at Treasuries plus 265 bps.

Russia will also issue $2 billion of 10-year notes at Libor plus 235 bps on a swapped basis and a $2 billion five-year bond at Libor plus 205 bps on a swapped basis, both 5 bps tighter than initial talk.

The source compared the issuance to Qatar's $5 billion issue of senior notes due 2017, 2022 and 2042, which priced in November, as Russia is "paying to get the size away."

In the primary market, OGX Petroleo e Gas Participacoes SA priced a $1.06 billion issue, while Banco Latinoamericano de Comercio Exterior SA (Bladex) set price talk.

OGX 8 3/8% notes

OGX priced a $1.06 billion issue of 8 3/8% senior unsecured notes (B1/B/B+) due 2022 at Treasuries plus 618 bps, according to a market source.

The notes priced at par to yield 8 3/8%.

The notes were issued through OGX's wholly owned subsidiary, OGX Austria GmbH.

The Rio de Janeiro-based oil and gas company expects to use the proceeds from the Regulation S deal to fund its capital expenditure program and for general corporate purposes.

Bradesco, BTG Pactual, Credit Suisse, HSBC, Itau BBA, JPMorgan and Morgan Stanley are joint bookrunners.

Bladex price talk

Bladex (Baa2/BBB/BBB) announced initial price guidance in the area of Treasuries plus 312.5 bps for its proposed $250 million issue of five-year senior unsecured notes, according to a market source.

Proceeds will be used for general corporate purposes.

Credit Suisse and Bank of America Merrill Lynch are joint bookrunners for the Panama City-based bank's Regulation S deal.

Hana roadshow

Hana Bank (A1/A/A-) will run a global roadshow with fixed-income investors, according to a market source.

The Seoul, Korea-based bank may issue dollar-denominated notes after the completion of the roadshow, pending market conditions.

BNP Paribas, Citi, ING, RBS and UBS will arrange the meetings.

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