Nigeria’s Fidelity prints notes at 10¾% yield; Eurotorg, Bahrain’s Oil & Gas on the road

By Paul A. Harris

Portland, Ore., Oct. 13 – The week ahead could see the emerging markets primary reignite, particularly if Qatar shows up with a sovereign deal, a trader said, adding that there is a buzz in the market that it might try.

Meanwhile Bahrain’s Oil & Gas Holding Co. (Fitch: BB+) is on the road with a benchmark dollar-denominated offering of 10-year notes, according to a market source.

The deal is expected to be in the market through Tuesday.

The syndicate of banks leading the deal includes Citigroup, JPMorgan, BNP Paribas and HSBC.

The prospective issuer is 100% owned by the Kingdom of Bahrain.

And Belarusian supermarket operator Eurotorg is running a global roadshow for $350 million of five-year eurobonds.

JPMorgan, Sberbank and Renaissance Capital are the bookrunners.

The company is based in Minsk.

Fidelity, a high print

Nigeria’s Fidelity Bank plc has priced a $400 million of 10½% five-year eurobonds to yield 10¾%, according to market sources.

The notes were offered in connection with the cash tender of its outstanding $300 million of 6 7/8% notes due May 2018.

Citigroup Global Markets Ltd., Renaissance Securities (Nigeria) Ltd. and the Standard Bank of South Africa Ltd. were joint bookrunners.

The deal came with a lot of yield, a trader said on Friday, adding that investors are shouldering substantial risk.

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