Chinese issuers set roadshows; quiet session ahead of holiday; Pacific Rubiales bonds fall

By Christine Van Dusen

Atlanta, May 22 – China National Bluestar Group Co. Ltd. and China Three Gorges Corp. set roadshows on a quieter Friday for emerging markets assets, as investors prepared for the three-day weekend in the United States.

China National Bluestar will set out on Monday for a roadshow to market a dollar-denominated issue of notes, and China Three Gorges has mandated three banks to lead a roadshow for a dollar- or euro-denominated issue of notes.

Latin America-focused Pacific Rubiales Energy Corp. remained on radar screens, with the company’s notes dropping on the news that the O’Hara Group, a collection of Venezuelan investors who oppose the accepted takeover from Mexico-based Alfa SAB de CV and Harbour Energy Ltd., planned to exercise its dissent rights regarding Pacific Rubiales’ shares.

That led the market to think that the deal might not go through, a New York-based trader said.

In other news from the region, Chile’s Latam Airlines Group SA is looking to issue senior notes, according to a company announcement.

The Rule 144A and Regulation S notes will be launched concurrent with a tender offer.

The proceeds from the new issue will be used to refinance the existing 9˝% notes due 2020, to redeem any 2020 notes not tendered and for general corporate purposes.

Market sources also were whispering about a possible issue of dollar-denominated notes from Beijing-based China Minmetals Corp.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.