Morning Commentary: Credit Bank of Moscow, Petrobras to sell dollar notes; Cemex on tap

By Rebecca Melvin

New York, March 12 – Credit Bank of Moscow announced Tuesday that it has selected banks and is taking a planned dollar-denominated offering of notes on the road, returning to the U.S. currency after pricing a euro-denominated note last month.

Meanwhile, Petroleo Brasileiro SA (Petrobras) announced that it has begun an offering of new U.S. dollar-denominated notes and an add-on to its existing 5¾% global notes due 2029. The deals are pricing concurrently with tenders for existing dollar- and euro-denominated notes.

Meanwhile, Monterrey, Mexico-based cement company, Cemex SAB de CV was talking a €400 million note due 2026 on Tuesday with final yield set at 3 1/8%.

The Rule 144A and Regulation S Cemex notes are non-callable until 2022 and were being sold by BofA Merrill Lynch, BNP Paribas Securities Corp., Citigroup and Santander.

Commercial lender Credit Bank of Moscow was last in the international bond market with a €500 million deal of 5.15% five-year loan participation notes at a spread of 502.5 basis points over mid-swaps. The mid-February deal was distributed under Rule 144A and Regulation S and had an order book of more than €800 million.

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