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Gazprom sells notes; Chalco on roadshow ahead of possible deal; Canara bonds trade better
By Aleesia Forni
Virginia Beach, Oct. 16 - Most issuers shied away from the emerging markets primary during the session despite lower Treasury prices on Wednesday.
However, Russia's OJSC Gazprom did come to market selling CHF 500 million of 2.85% notes due 2019.
The notes priced at par to yield 190 basis points over mid-swaps.
Meanwhile, Aluminum Corp. of China Ltd. (Chalco) is hosting a series of investor this week ahead of a possible dollar-denominated offering.
In trading, Saudi Arabia's Saudi Basic Industries Corp. (Sabic) bonds continued to be in focus due to their "soggy" performance, with the notes quoted at 143 bps bid on Wednesday, a trader said.
The Riyadh-based manufacturer of chemicals, fertilizers, plastics and metals priced the $1 billion of five-year notes at Treasuries plus 130 bps on Sept. 26.
Looking to Asia, India-based Canara Bank's recent sale was performing better compared to its new issue spread.
The notes - $500 million of 5¼% notes due 2018 that priced at Treasuries plus 385 bps - were quoted 20 bps better at 365 bps bid on Wednesday.
Gazprom hits market
Russia's Gazprom sold CHF 500 million 2.85% notes due 2019 on Wednesday at par to yield 190 bps over mid-swaps, according to an informed source.
BNP Paribas, Gazprombank and UBS were the joint bookrunners.
Gazprom is a Moscow-based natural gas producer.
Chalco hits road
Chalco is conducting a roadshow this week ahead of a possible bond issuance, according to an informed source.
The company is planning to price a Regulation S only dollar-denominated offering of notes.
Chalco is a Beijing-based metals manufacturer.
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