EM still active as big issuance week ends; LatAm deals price; Vedanta prices $1 billion

By Rebecca Melvin

New York, April 12 – Emerging markets debt finished out a very active week of primary issuance on Friday with pricing emerging on two deals for Latin America including Peru’s Consorcio Transmantaro SA and Panama’s Global Bank Corp.

Consorcio priced $400 million of 15-year green bonds (rating: Baa3) at par to yield 4.7%, and Global Bank priced $300 million 10-year notes (rating: /BBB-/BBB-) at par to yield 5¼%.

Meanwhile, Vedanta Resources Ltd. priced $1 billion of bonds in dual tranches due in 2023 and 2026 (ratings: B2/B+/), according to a company announcement on Friday.

The $400 million 2023 notes priced at par to yield 8%. And the $600 million tranche of 2026 notes priced at par to yield 9¼%.

The week saw a myriad of deals from all regions this past week, which included Saudi Arabian Oil Co.’s (Aramco) long awaited blockbuster of notes for $12 billion in five tranches (A1//A+). Pricing of those notes went well, but the paper was weaker in after-market trading.

Also in a blockbuster of tranches was Bank of China Ltd.’s planned six tranches in five currencies. Pricing had not emerged for all of the tranches. But Bank of China’s Zweigniederlassung Frankfurt am Main Frankfurt Branch priced €500 million ½% notes due 2022 (A1/A/A) at 99.803 to yield 0.316%, or mid-swaps plus 48 basis points on Wednesday.

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