Primary hosts State Bank of India, Yanlord, Times Property, DBS Bank; Jain, Vedanta ahead

By Christine Van Dusen

Atlanta, Jan. 17 – State Bank of India, Singapore’s Yanlord Land Group Ltd., China’s Times Property Holdings Ltd. and Singapore’s DBS Bank Ltd. sold notes on an upbeat Tuesday for emerging markets assets.

“Markets continue to benefit from the positive sentiment as the U.S. is coming back from a long weekend,” a London-based analyst said. “This week’s next spectacle will take place on Friday when Donald Trump will be inaugurated to become the 45th President of the country.”

Against this backdrop, other issuers advanced deals, including India’s Jain Irrigation Systems Ltd., emerging markets-focused Vedanta Resources plc and Slovenia.

Market-watchers were also whispering about a possible issue of notes from Turkey-based Turkiye Vakiflar Bankasi, which could bring to the market up to $650 million of 10-year notes.

In its new deal, State Bank of India priced $500 million 3¼% notes due Jan. 24, 2022 at 99.744 to yield 3.306%, or Treasuries plus 145 basis points, a market source said.

BofA Merrill Lynch, BNP Paribas, Citigroup, DBS, HSBC, MUFG Securities and SBI Capital Markets were the bookrunners for the Regulation S deal.

Singapore’s Yanlord Land Group priced $450 million 5 7/8% notes due Jan. 23, 2022 at par to yield 5 7/8%, according to a company announcement.

DBS Bank, HSBC and Standard Chartered Bank were the bookrunners for the Regulation S deal.

Times property sells notes

China’s Times Property Holdings priced $375 million 6¼% notes due Jan. 23, 2020 at par to yield 6¼%, according to a company filing.

Deutsche Bank, JPMorgan, UBS, Citigroup, Credit Suisse, Guotai Junan International, Haitong International and ICBC International were the bookrunners for the Regulation S deal.

The proceeds will be used to refinance indebtedness.

The property developer of mid-market to high-end residential properties is based in Guangzhou, China.

DBS prices bonds

Singapore’s DBS Bank priced €750 million 3/8% notes due Jan. 23, 2024 at 99.34, according to a company announcement.

JPMorgan, DBS, Deutsche Bank, Societe Generale CIB and UniCredit were the bookrunners for the Regulation S deal.

Other details were not immediately available on Tuesday.

DBS bank is a Singapore-based financial services group.

Roadshow for Jain Irrigation

India’s Jain Irrigation Systems will set out on Wednesday for a roadshow to market a dollar-denominated issue of green notes (expected ratings: /B+/B+), according to a company announcement.

Deutsche Bank and JPMorgan are the joint global coordinators, joint bookrunnners and joint lead managers for the Regulation S deal. Barclays, Nomura and Rabobank are joint bookrunners and joint lead managers.

The roadshow will take place in Hong Kong, Singapore and London.

Jain is a Jalgaon-based agri-business company and manufactures irrigation systems in India.

Vedanta plans notes

Emerging markets-focused Vedanta Resources is planning to sell new bonds alongside cash tender offers for its $750 million 9½% bonds due 2018 and $1.2 billion 6% bonds due 2019, according to a company announcement.

Barclays Bank, Citigroup, JPMorgan and Standard Chartered Bank are leading the transaction.

Vedanta Resources is a London-listed natural resources company that produces aluminum, copper, zinc, lead, silver, iron ore, oil, gas and commercial energy. Vedanta has operations in India, Zambia, Namibia, South Africa, Ireland, Liberia, Australia and Sri Lanka.

Slovenia to issue

Slovenia is planning to print a new issue of euro-denominated notes due in 10 years, as well as a tap of its 3 1/8% euro-denominated notes due Aug. 7, 2045, according to an announcement from the sovereign.

Slovenia most recently tapped the 2045 notes in September 2015, with €275 million notes pricing at 3.154% yield, or mid-swaps plus 155 bps. That brought the total issue size to €575 million.

Abanka, Barclays Bank, Credit Agricole, HSBC and UniCredit are the bookrunners for the new deal.

Other details were not immediately available on Tuesday.

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