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Lebanon launches $3 billion, Credit Bank sets roadshow; prices stable, EM moves with Treasuries
By Paul A. Harris
Portland, Ore., March 20 – Emerging markets debt was stable in trading near the London close on Monday, according to a trader based there.
US Treasuries, the principal metric that seemed to be bearing upon the asset class, enjoyed a couple of basis points of price appreciation on the day and EM debt traded in line with that, the source added.
Bonds recently priced by Russian energy giant Gazprom OJSC were trading around their new issue price on Monday.
The Gaz Capital SA 4.95% loan participation notes due March 23, 2027 (Ba1//BBB-) priced at par in a $750 million issue late last week.
Lebanon brings $3 billion
In the primary market, the Lebanese Republic launched $3 billion of sovereign bonds in three tranches of senior notes.
The deal features $1.25 billion of 10-year notes launched at 6.85%, $1 billion of 15-year notes launched at 7% and $750 million of 20-year notes launched at 7 ¼%.
JP Morgan Securities plc is the lead. Barclays, Byblos Investment Bank SAL And Societe Generale de Banque au Liban SAL are also part of the syndicate.
Credit Bank to roadshow
Credit Bank of Moscow plans to start a global roadshow on Wednesday for an offering of 10.5-year tier 2 capital from its CBOM Finance plc unit, according to a market source.
The deal is in the market via a syndicate of banks which includes Citigroup, Credit Suisse Securities (Europe) Ltd., HSBC Bank plc, JPMorgan, Raiffeisen Bank International, Regions Securities and SG CIB, the source said.
The notes will come with 5.5 years of call protection.
The deal was announced in a Monday press release outlining a tender offer for CBOM's $500 million of 8.7% loan participation notes due 2018.
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