Bolivia taps dealers for possible bonds; National Bank of Abu Dhabi sells $750 million

By Aleesia Forni

Columbus, Ohio, March 19 - Chinese property bonds were lower by ½ to 1 point on Monday, according to a market source, who said the list included the latest deals from KWG Property Holding Ltd. and Agile Property Holdings Ltd.

KWG Property issued $400 million of 13¼% senior notes (B1/B+/) due March 22, 2017 at 99.112 on Thursday.

Agile Property priced a $700 million offering of 9 7/8% senior notes due March 20, 2017, and the company may call the bonds at par at any time.

Elsewhere the Itraxx CEEMEA SOVX index of credit default swaps from Central and Eastern Europe, the Middle East and Africa tightened by 4 basis points to 254 bps early in London's session on Monday.

Primary sees new supply

The National Bank of Abu Dhabi priced a $750 million issue of five-year bonds at 190 bps over mid-swaps on Monday, according to market sources.

The bonds were talked in the mid-swaps plus 200 bps area.

The deal priced at 99.753 to yield 3.304%.

Barclays, HSBC, UBS and National Bank of Abu Dhabi managed the United Arab Emirates-based lender's deal.

Though there is not much in the way of new issue concession for the deal, one market source remarked that the bond should "be fine," as the bank is well-known and "safe."

Bolivia to enter market

Investor appetite for emerging markets bonds continues to increase, as evidenced by the number of new issues in the current space.

The Plurinational State of Bolivia is headed to market with an offering of up to $500 million of dollar-denominated notes, according to a market source.

The lead managers will be Bank of America Merrill Lynch and Goldman Sachs, the source added.

Proceeds will be used to boost industrial production, including production of lithium used for batteries in electronic devices.

GEO wraps investor meetings

In the corporate space, Corporacion GEO SAB de CV (Ba3/BB-/BB-) wrapped fixed-income investor meetings in Boston on Monday ahead of a possible dollar-denominated note offering, according to a market source.

Citigroup, JPMorgan and Santander are expected to lead the Mexico City-based housing builder's Rule 144A and Regulation S deal.

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