African Development Bank, TurkExim sell bonds; Bahrain notes ease in secondary

By Aleesia Forni

Virignia Beach, Sept. 16 – African Development Bank and Export Credit Bank of Turkey SA (Turk Eximbank) issued new bonds on Tuesday, while spreads were mostly weaker as the Federal Reserve kicked off its two-day policy meetings.

African Development Bank came to market with a $1 billion offering of seven-year notes.

Meanwhile, Export Credit Bank of Turkey sold its seven-year offering tight of price guidance on Tuesday.

In other primary happenings, Chile’s CorpBanca SA announced price talk for a planned dollar-denominated offering of five-year senior notes.

Geely Automobile Holdings Ltd. also joined the forward calendar on Tuesday, scheduling a roadshow ahead of a possible dollar deal.

The recent 6% notes priced by Bahrain traded wider in the secondary market, closing the session up around 1/10th of a point, around according to a trader.

“Fairly active day flow-wise, with relatively balanced flows going on,” a trader said.

African Development new issue

African Development Bank priced $1 billion of 2 3/8% seven-year bonds (Aaa/AAA/AAA) at mid-swaps plus 5 bps on Tuesday, a market source said.

Bookrunners were BNP Paribas Securities Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. and Nomura.

The issuer is a regional development lender with headquarters in Tunis, Tunisia.

Turk Eximbank prices tight

Turk Eximbank sold $500 million of 5% seven-year notes with a spread of mid-swaps plus 275 bps, a market source said.

The notes sold tighter than price guidance.

Pricing was at 99.493.

The bookrunners were MUFG, Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Mizuho Securities.

Turk Eximbank is an Ankara, Turkey-based export credit agency.

CorpBanka sets talk

Chile’s CorpBanca announced price talk for a planned dollar-denominated offering of five-year senior notes in the area of Treasuries plus 235 bps, a market source said.

BofA Merrill Lynch, HSBC Securities and Standard Chartered Bank are the bookrunners for the Rule 144A and Regulation S deal.

CorpBanca is a financial institution based in Santiago.

Geely sets roadshow

Geely Automobile Holdings said it is planning to conduct an international offering of dollar-denominated senior notes and will begin a series of roadshow presentations to institutional investors.

Citigroup Global Markets Inc., Deutsche Bank AG, Singapore Branch and J.P. Morgan Securities plc are the joint global coordinators, joint bookrunners and joint lead managers for the Rule 144A and Regulation S deal.

Proceeds will be used to refinance existing debt, to expand the company’s business and for general corporate purposes.

Geely is a Zhejiang, China, automaker.

Bahrain notes widen

Bahrain’s $1.25 billion of 6% 30-year notes traded at 100¾ bid, 101 offered on Tuesday, a trader said.

The issue was quoted at 100 5/8 bid on Monday.

The notes (expected ratings: /BBB/BBB) sold at par to yield 6% on Wednesday, a syndicate source said.

The notes were initially talked at a yield in the low-6% area.

Citigroup, Gulf International Bank, MUFG and Standard Chartered Bank were the bookrunners for the Rule 144A and Regulation S deal.

Marisa Wong contributed to this review.

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