Uzbekistan preps global debut; Credit Bank of Moscow mandates banks; Pemex debt improves

By Paul A. Harris

Portland, Ore., Feb. 5 – In Tuesday’s emerging markets session Credit Bank of Moscow (Ba3/BB-/BB-) mandated Citigroup and Societe Generale as global coordinators and bookrunners.

Elsewhere Uzbekistan intends to roll out its debut global sovereign bond offer on an international roadshow set to get underway on Thursday.

And Petroleos Mexicanos (Pemex) bonds improved as Mexican president Andres Manuel Lopez Obrador promised further steps to provide support for the debt-laden company.

Meanwhile, Brazil’s Banco BTG Pactual is set to begin a roadshow on Wednesday for a 10-year tier 2 subordinated notes.

BTG Bank, Bradesco, Citigroup, Deutsche Bank, Nomura and UBS are bookrunners for the deal.

The extended roadshow will be held through Feb. 11, with meetings in Asia as well as in the United States.

The market felt much better on Tuesday, to a New York-based syndicate banker who is looking for a meaningful buildup of the calendar.

Credit Bank plans euro offer

Credit Bank of Moscow (Ba3/BB-/BB-) mandated Citigroup and Societe Generale as global coordinators and bookrunners and Gazprombank, ING and Sova Capital as joint lead managers and bookrunners to arrange a series of fixed-income investor meetings in Europe and the United States, beginning Feb. 7.

A euro-denominated offering of senior unsecured notes, with a maturity of three years to five years, will follow, pending market conditions.

Uzbekistan preps bond debut

Uzbekistan intends to roll out its debut global sovereign bond offer on an international roadshow set to get underway on Thursday.

The deal is expected to include fixed-rate notes with five- and/or 10-year maturities.

Citigroup, JPMorgan and Gazprombank are leading the effort, the source said.

Pemex pops on AMLO promise

With a decent bid on the market on Tuesday Pemex bonds notably improved on the back of assurances from Mexico’s President Andres Manuel Lopez Obrador (AMLO) that the government would take further steps to shore up the state-owned company’s debt, according to a sellside source.

Pemex bonds have rallied 30 to 40 basis points, week-over-week, the source said.

AMLO’s announcement follows last week’s $3.5 billion of tax cuts for Pemex, which left bond investors in a mood to sell, as they pondered how that modest tax abatement would amount to a meaningful step in addressing Pemex’s $107 billion of debt.

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