Ukraine prices $3 billion deal; market eyes new Petrobras notes; Kookmin Bank talks notes

By Rebecca Melvin

New York, Sept. 18 – The emerging primary markets remained ebullient on Monday following strong flow last week.

Among the day’s deals, the Ukraine launched and priced $3 billion of 7 3/8% 14.25-year notes in its first tap of international markets since restructuring in 2015, and at pricing that was at the tight end of revised talk

Proceeds of the new Ukraine notes (expected ratings: /B-/B-) will be used to buy back more expensive notes due 2019 and 2020. The deal was three times oversubscribed.

Brazil’s Petroleo Brasiliero SA (Petrobras) announced plans to price up to $2 billion of new notes in two tranches, including about $1 billion of seven-year notes talked to yield 5˝% to 6%, and about $1 billion of 10-year notes that were talked in the low 6% range.

The Petrobras notes due January of 2025 and 2028 (expected ratings: (/BB-/BB) are being sold concurrently with two exchange offers and cash offers for five series of existing notes.

Also, Kookmin Bank of South Korea set talk for a dollar-denominated benchmark offering of 5.5-year notes (expected ratings: A1/A+) at Treasuries plus 135 basis points.

Citigroup, Commerzbank, ING, JPMorgan, MUFG and Societe General CIB are the joint bookrunners for the Rule 144A and Regulation S offering.

Orders of more than $600 million had already come in for the deal that was expected to price later Monday.

Kookmin Bank is a lender based in Seoul, South Korea.

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