EuroChem, Korea Development price deals; Baidu, Tauron Polska and Lietuvos Energija on tap

By Rebecca Melvin

New York, June 27 – Emerging markets saw more euro- and dollar-denominated deals launch and price on Tuesday, including pricing of Moscow-based EuroChem Group AG’s $500 million of notes due 2021 at par to yield 3.95%.

Trading action in the new EuroChem notes was expected to begin on Wednesday, with no aftermarket dealings seen late Tuesday, a trader source said.

In dollar-denominated debt, Korea Development Bank priced $300 million of five-year floating-rate green bonds.

Swire Pacific of Hong Kong also priced $300 million of notes with a 3% coupon and a spread of 105 basis points over seven-year Treasuries.

Meanwhile, two tranches of dollar-denominated senior notes for Beijing-based Baidu Inc. were added to the calendar.

Euro deals added to the calendar included Tauron Polska Energia SA’s €500 million of 10-year fixed-rate bonds and Lithuania’s Lietuvos Energija UAB’s €200 million senior green bonds with a maturity of between seven and 10 years.

The state-owned utility company of Lithuania expects to price its Regulation S bond sometime after June 29. No timing or price information was available on Katowice, Poland-based Tauron, an energy holding company with coal and generation assets.

As for new issuance from corporates going forward, a trader said that now that the end of the second quarter has just about arrived, companies will be going into blackout periods, and not much issuance is expected before September.

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