Ecuador prices $2.5 billion of notes; Middle East, Latin America new deal calendar grows

By Rebecca Melvin

New York, Oct. 18 – Although a handful of deals were quietly roadshowing in the background early this week, the emerging primary market sparked back to life on Wednesday.

The Republic of Ecuador launched and priced $2.5 billion of 10-year senior notes at par to yield 8 7/8% on Wednesday.

The market was active with some roadshows early in the week, but it had been notably quiet in terms of announcements and pricings. Market sources said there was no particular reason that the marketed quieted and asserted that it is still strong, with issuers expected to continue to come to market at a steady clip.

On Thursday, Brazilian air operator Azul SA was expected to price $300 million to $400 million of 2024 notes being marketed with Citigroup and J.P. Morgan as lead bookrunners, and sources said Banco do Brasil was in the market with a deal.

Chile’s SACI Falabella also joined the calendar on Wednesday with an up to $400 million of senior unsecured notes that will be roadshowing through Friday.

In the Middle East, investors were eyeing new deals announced Wednesday, including Abu Dhabi Crude Oil Pipeline LLC’s about $3 billion of senior notes in 12-year and 30-year tranches, Bahrain-based Nogaholding’s deal for $1 billion of 10-year dollar notes and Arab Petroleum Investments Corp.’s five-year dollar sukuk.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.