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Petroperu sells $2 billion in two tranches; Tinkoff Bank dollar notes gain; VimpelCom eyed
By Rebecca Melvin and Colin Hanner
New York, June 12 – Petroleos del Peru SA priced $2 billion of notes late Monday following a roadshow last week in which investor response was strong, market sources said.
“The books have gone pretty well,” a New York-based market source said ahead of pricing of the notes (BBB-/BBB+) being marketed by bookrunners BofA Merrill Lynch, Goldman Sachs, HSBC and JPMorgan.
The Petroperu 4¾% notes due 2032 for $1 billion and the Petroperu 5 5/8% notes due 2047 for $1 billion both priced at par.
Elsewhere in emerging markets, Moscow-based Tinkoff Bank’s $300 million 9¼% loan participation notes traded up after issue, quoted at 101.75 on Monday with a price of 9.893%, compared with their 9¼% launch price, a London-based market source said.
The Tier 1 deal was relatively small from a small financing entity, the source said. “It was a positive move within limited trading.”
More than 30% of the issue was allocated to accounts in Russia, and the unofficial tally of Russia accounts was likely to have been higher in the 40% to 50% range, taking into account other European allocations affiliated with Russia, the source said.
In addition, initial price talk and final terms were expected to be set on the VimpelCom Holdings BV offering of dollar-denominated senior unsecured notes on Tuesday, a syndicate source said.
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