Russia’s Renaissance Financial, Kenya plan roadshows for week ahead; Mongolia bonds weaker

By Aleesia Forni

New York, April 1 – Kenya and Renaissance Financial Holdings Ltd. announced plans to hold investor meetings next week ahead of possible bond offerings, while the Labor Department reported better-than-expected jobs data on Friday.

Nonfarm payrolls increased 215,000 during the month of March.

Meantime, a trader noted that flows continued their week-long theme of “bid smalls and offer way more.”

“The continued need to invest cash coupled with the week’s move in [U.S. Treasuries] is driving this market higher,” he said. “As much as curves are looking too flat and some valuations are looking stretched, the momentum is stopping any serious profit taking for now.”

In the secondary market, Mongolia’s recent $500 million 10 7/8% notes due April 6, 2021 that priced Tuesday at par were seen around ¼ point wider on the day, a market source said.

Renaissance roadshow

Renaissance Financial Holdings (B-/B-) mandated Renaissance Capital and UBS Investment Bank to arrange a roadshow during the April 4 week, according to a market source.

A bond offering may follow subject to market conditions.

The meetings will take place in Switzerland and London on April 6 and April 7.

Renaissance is a Moscow-based financial institution.

Kenya roadshow

And Kenya announced that it has mandated Barclays, Citigroup Global Markets Inc. and Standard Chartered Bank to arrange investor meetings on April 5.

The meetings will take place in London.

No other details were immediately available on Friday.

Isbank firms

The recent issue of notes from Turkey’s Turkiye Is Bankasi AS (Isbank) – $750 million 5 3/8% notes due 2021 that priced at a 420-basis-point spread – was quoted on Friday at 418 bps bid.

Deutsche Bank, HSBC, ING, JPMorgan and Societe Generale are the bookrunners for the Rule 144A and Regulation S deal.

Poland better

Poland’s $1.75 billion of 3¼% notes (A2/BBB+/A-) that sold at Treasuries plus 150 bps on Wednesday traded around 5 bps better on Friday.

The notes were quoted at 145 bps bid.

Nearly 46% of orders for the 10-year bonds came from the United States. Investors from the United Kingdom accounted for 13%, Germany and Poland 11% respectively, Asia 6% and other European countries 4%. Around 2% of orders came from Czech Republic, Denmark, the Middle East and the Netherlands, respectively.

Fund managers accounted for 76% of orders, insurers and pension funds 15%, banks 4% and central banks and public funds 3%.

Barclays, BNP Paribas, Deutsche Bank and JPMorgan were the bookrunners for the Securities and Exchange Commission-registered deal.

Christine Van Dusen contributed to this review.

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