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Brazilian Development to hit market Tuesday; China Southern, Votorantim price benchmark deals
By Colin Hanner
Chicago, May 1 – With several markets closed in emerging markets on Monday, activity was lighter than usual, a market source said.
“It seems like everywhere is closed,” the market source said. “It’s a very quiet day.”
Yet, Brazil’s Banco Nacional de Desenvolvimento Economico e Social (Brazilian Development Bank or BNDES) is expected to break the silence on Tuesday when it hits the market with a benchmark dollar-denominated green bond, a market source said, adding it was unusual it did not price late last week. A roadshow for the deal ended last week.
From Friday, several new issues priced benchmark deals, including Guangzhou, China-based, state-owned power network operator, China Southern Power Grid, which sold $900 million 3˝% 10-year notes at 99.183 to yield 3.598% on Friday, a market source said.
Sao Paulo, Brazil-based zinc producer Votorantim Metais priced $700 million 5 3/8% 10-year notes at 99.048 to yield 5˝% on Friday, a market source.
Initial yield talk was at 5 3/8%, which later widened to 5˝%, a market source said, adding that a proposed strike by workers at one of Votorantim’s mines in Peru caused the company to go back to the drawing board and revise terms of the deal.
Guatemala City-based electric utility company, Energuate, priced a downsized $330 million 5 7/8% 10-year notes at par on Friday, a market source said.
The size of the bond (Ba2//BB) was initially $350 million.
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