ACWA prices $600 million notes; Fibabanka updates; BNDES sells $1 billion green bonds

By Colin Hanner

Chicago, May 3 – With the new deal pipeline lighter in emerging markets on Wednesday – compared to this time last week – there were several updates to benchmark new issues.

Saudi Arabia’s ACWA Power Management and Investments One Ltd. priced $600 million 5.95% senior secured bonds due 2039 at par, a market source said.

Istanbul-based private bank Fibabanka AS announced initial price talk in the 8% area for its proposed tier 2 dollar-denominated offering of notes (//BB-), a market source said.

The size of the deal is expected to be up to $300 million, the market source said.

The notes will be issued by Fiba Holding and will be consolidated with a previously issued $100 million notes issued on March 24.

Rio de Janeiro-based economic and social development bank, Banco Nacional de Desenvolvimento Economico e Social (BNDES or Brazilian Development Bank), priced $1 billion 4¾% seven-year green bonds to yield 4.8% on Tuesday, a market source said.

The bonds (Ba2/BB) priced at 99.706, a market source said.

With an overall flattening in the U.S. Treasury yield curve, long-maturity Latin American sovereign bonds were more inactive than expected compared to shorter-term bonds, a market source said.

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