Hutchison sells euro bonds; South Africa on deck; Korea National bonds firm in secondary

By Aleesia Forni

New York, April 6 – China’s Hutchison Finance (16) Ltd. entered the primary on Wednesday with a two-part sale of euro-denominated bonds, while the Republic of South Africa announced plans to bring a new deal to market.

Hutchison sold a €1.35 billion issue of 1¼% seven-year bonds at 99.688 to yield 1.297%, or mid-swaps plus 110 basis points.

A €650 million tranche of 2% 12-year bonds sold at 99.641 to yield 2.034%, or mid-swaps plus 138 bps.

Meantime, South Africa is planning to price an offering of notes via lead managers Citigroup Global Markets Inc., Rand Merchant Bank and Standard Chartered.

And the recently priced bonds from Korea National Oil Corp. – a $1 billion offering of notes in five- and 10-year tranches – was trading better in the secondary during the session.

Moving to the primary, South Korea’s Kia Motors Corp. mandated BofA Merrill Lynch, Citigroup, HSBC, J.P. Morgan Securities LLC and Nomura to arrange a series of investor meetings, a market source said.

A dollar-denominated offering of bonds may follow.

Elsewhere, Ahli Bank QSC set final guidance for its planned $500 million issue of five-year bonds at 260 bps over mid-swaps, a market source said.

Beijing-based Sunshine Life Insurance Corp. has mandated HSBC, ICBC, JPMorgan, CMB International and Morgan Stanley to arrange a series of investor meetings, according to a market source.

An offering of senior notes may follow.

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