Finansbank prices benchmark deal; Capex, Unifin come to market; Bank of East Asia on tap

By Colin Hanner

Chicago, May 11 – Two Latin American deals came out of the pipeline in emerging markets on Thursday, though a one-day roadshow was enough for a benchmark deal out of Turkey’s Finansbank, which priced $750 million 4 7/8% five-year notes to yield 4.95%, a market source said.

The notes priced at 99.671, a market source said.

Price talk was in the 5% to 5.1% area, tightening to 4.95%.

Investors subscribed for more than $2.3 billion of the Rule 144A and Regulation S deal, a market source said.

Citi, HSBC, ING, JPMorgan, QNB Capital and Standard Chartered were the bookrunners.

Capping at $300 million

Argentina’s Capex SA priced $300 million 6 7/8% seven-year notes at par on Wednesday, a market source said.

Initial price talk for the notes (/B/B+) was in the low-to-mid 7% area, tightening to 6 7/8%, a market source said.

The notes are non-callable for four years.

The notes were issued in connection with the start of a tender offer for any and all of its outstanding $200 million 10% notes due 2018, the company said.

Deutsche Bank and JPMorgan were joint lead managers for the deal.

Capex is a Buenos Aires-based energy company.

Unifin tightens

Mexico City-based leasing and financial services company, Unifin Financiera, SAB de CV, Sofom priced $450 million 7% eight-year notes to yield 7¼% on Thursday, a market source said.

The notes (//BB) priced at 99.285.

Initial price talk for the Rule 144A and Regulation S offering was in the mid-7% area, tightening to 7%.

Citigroup, Barclays and Credit Suisse were joint lead managers for the deal.

Bank of East Asia to price

Bank of East Asia, Ltd. is offering a dollar-denominated Basel III-compliant additional tier 1 non-cumulative subordinated capital securities, a market source said.

The notes’ (BB/Ba2) initial price talk is in the 6% area and will have comparable terms to a similar issue released in 2015, a market source said, including being non-callable for the first five years.

In 2015, Bank of East Asia priced $650 million of 5.5% hybrid tier 1 capital securities at par, according to Prospect News.

Bank of East Asia is based in Hong Kong.

Middle East higher

Nearing $50 a barrel, crude oil futures shot up again on Thursday after rallying Wednesday, prompting Middle Eastern sovereigns to surge.

Saudi Arabia’s 3¼% notes due 2026 were up 22 bps to 97.80 bid, 97.95 offered.

Its 3.638% notes due 2027 were up 8 bps to 100.65 bid, 100.90 offered.

And its 4½% notes due 2046 were down 4 bps to 98.56 bid, 98.66 offered.

Oman’s 3 5/8% notes due 2021 were up 12 bps to 101 bid, 101.62 offered.

Its 3 7/8% notes due 2022 were up 12 bps to 101 bid, 101½ offered.

And its 4¾% notes due 2026 were up 12 bps to 100.37 bid, 100.87 offered.

© 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.