Equate Petrochemical, Alfa Bank price deals; MMI on roadshow for $300 million offering

By Paul A. Harris

Portland, Ore., Oct. 27 – In Thursday’s emerging markets debt activity Kuwait’s Equate Petrochemical Co. KSCC priced $2.25 billion senior notes.

A $1 billion amount of 3% notes due March 3, 2022 priced at a 195 basis points spread to mid-swaps, on top of final talk.

A $1.25 billion tranche of 4¼% notes due Nov. 3, 2026 priced at mid-swaps plus 270 bps, also atop final talk.

The deal played to $5.5 billion of demand, the source said.

The launch spreads come inside of revised spread talk.

And Russia’s JSC Alfa-Bank priced a $400 million issue of 8% tier 1 perpetual notes (Ba2/BB/BB+) at par.

Meanwhile an international roadshow is underway for Singapore-based MMI International Ltd.’s $300 million offering of five-year senior secured notes.

The roadshow for the Rule 144A and Regulation S deal was scheduled to be in Hong Kong on Thursday, London on Friday, New York on Monday and Boston on Tuesday, and the deal is set to price after that.

Guangxi Communications Investment Group Corp. Ltd. is selling dollar-denominated fixed-rate notes (Baa3//BBB), according to a stabilization notice which appeared on Thursday.

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