National Bank of Greece, Camposol, Times Property price bonds; Lat-Am, Turkey bonds stay firm

By Christine Van Dusen

Atlanta, April 24 - National Bank of Greece SA, Latvia, Peru's Camposol SA and China's Times Property Holdings Ltd. priced new bonds on a solid Thursday for Latin American notes and paper from Turkey, even as possible sanctions for Russia raised anxiety for emerging markets investors.

"Another active day, all told," a London-based trader said. "Global sentiment is jittery at best."

Russia could soon face more sanctions if the sovereign doesn't make progress on implementing the peace-focused Geneva accord, a London-based analyst said.

"Sanctions could come in quickly," she said. "Unsurprisingly, comments such as these are keeping investors nervous. And, in general, [emerging markets] continues to feel directionless."

Russian bonds faced "poor price action" during the session, a trader said.

Still, most notes from Turkey stayed firm on Thursday, and notes from Venezuela and PDVSA moved higher in trading.

Venezuela's 2020s were trading up at 73¾ and its 2023s were at 83, a New York-based trader said. Bonds from PDVSA also moved higher, while Colombia's 2021s were spotted at 105.80 and its 2020s were quoted at 145.

"No contagion effect for us here," he said, noting that most high-grade credits were close to unchanged from Wednesday's tightened levels.

Private banking clients were in buying mode, and retail investors started to come out of the woodwork, he said.

Banks from Peru did lag, however, he said.

Market sources also were keeping an eye on Saudi Arabia's Dar Al-Arkan Real Estate Development, which held a non-deal roadshow with Al Khair Capital, Deutsche Bank and Goldman Sachs.

"I suspect the market is now realizing there is maybe no immediate transaction," a trader said.

TAQA in focus

Investors also watched Abu Dhabi National Energy Co. (TAQA), which set out on Thursday to market a dollar-denominated and benchmark-sized issue of notes with BofA Merrill Lynch, Mitsubishi UFJ Securities, Societe Generale CIB, Standard Chartered Bank and RBS.

"Their curve is holding very well," he said. "The long-dated 2021s and 2023s are trading circa 110 over."

Dubai near re-offer

In other trading on Thursday, the new issue of notes from Dubai - $750 million 5% notes due 2029 that priced at par - traded at par bid, 100.10 offered on Thursday morning, a trader said.

"The new Dubai is still trading around re-offer," a trader said.

The notes came to the market at a spread of mid-swaps plus 177.1 basis points via Dubai Investment Bank, Emirates NBD Capital, HSBC, National Bank of Abu Dhabi and Standard Chartered Bank in a Regulation S deal.

"Not expecting much in the way of liquidity tomorrow, and then we head into month end next Wednesday," he said.

Mubadala ticks up

Abu Dhabi-based Mubadala Development Co. PJSC's new $750 million 3¼% notes due 2022 were spotted Thursday at 98.85 bid, 98.92 offered, a trader said.

The notes priced this week at 98.53 to yield 3.462%, or Treasuries plus 120 bps, with BofA Merrill Lynch, Credit Agricole, Deutsche Bank, Goldman Sachs, HSBC and National Bank of Abu Dhabi in a Rule 144A and Regulation S transaction.

"The new Mubadala eight-year is trading around a ½ point higher from re-offer," a trader said.

Greece bank prices bonds

In its new deal, National Bank of Greece sold €750 million 4 3/8% notes due 2019 at 99.451 to yield 4½%, or mid-swaps plus 353.6 bps, a market source said.

BofA Merrill Lynch, Citigroup, Goldman Sachs, HSBC and Morgan Stanley were the bookrunners for the deal.

Latvia sells notes

Latvia printed a €1 billion 2 7/8% notes due 2024 (Baa2/BBB+/BBB+) at 99.265 to yield mid-swaps plus 120 bps, a market source said.

The notes were talked at a spread in the 135 bps area.

Barclays, Deutsche Bank and Natixis were the bookrunners for the Regulation S deal.

Camposol does add-on

Peru-based vegetable and fruit grower and exporter Camposol priced a $75 million add-on to its 9 7/8% notes due 2017 at 101.50, a market source said.

The notes were talked at a price in the 101.50 area.

Credit Suisse and Santander were the bookrunners for the Rule 144A and Regulation S deal.

The proceeds will be used to expand infrastructure and fund capital expenditures, including investments in blueberry and shrimp plantations.

This brings the deal total up to $200 million.

Issuance from Times Property

Also on Thursday, China's Times Property priced an $80 million add-on to its existing issue of 12 5/8% notes due 2019, a market source said.

The new notes priced at 100.125.

The company in March priced $225 million of 12 5/8% five-year notes at 99.278 to yield 12 7/8%.

BOC International, Citigroup, Haitong International, HSBC and UBS are the bookrunners for the Regulation S deal.

The proceeds will be used to refinance existing debt, to fund property development projects and for general corporate purposes.

Cnooc releases details

China National Offshore Oil Corp. (Cnooc) subsidiary Cnooc Nexen Finance (2014) ULC released details on its new issue of $4 billion of guaranteed notes due in 2017, 2024 and 2044.

Cnooc is the guarantor for the Securities and Exchange Commission-registered issue.

The subsidiary priced $1.25 billion of 1 5/8% notes due 2017 at 99.616 to yield Treasuries plus 85 bps.

The $2.25 billion of 4¼% notes due 2024 priced at 99.656 to yield Treasuries plus 160 bps.

And the $500 million of 4 7/8%% notes due 2044 priced at 98.358 to yield Treasuries plus 150 bps.

BOC International, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Credit Suisse, Deutsche Bank Securities, Goldman Sachs (Asia) LLC, Morgan Stanley & Co. LLC and UBS Securities LLC were the joint bookrunners.

Proceeds will be used to repay borrowings of the company's wholly owned subsidiary Nexen Energy ULC's $2 billion facility agreement dated Feb. 15, 2014. Any remaining proceeds will be used for general corporate purposes.

The company has applied to the Stock Exchange of Hong Kong Ltd. to list the notes.

Finansbank sets talk

In other news, Turkey's Turkiye Finans Katilim Bankasi AS set talk in the 6½% area for its dollar-denominated and benchmark-sized issue of notes due in five years, a market source said.

Citigroup, HSBC, Morgan Stanley and Standard Chartered Bank are the bookrunners for the Rule 144A and Regulation S deal, which is expected to price on Friday.

Finansbank is an Istanbul-based lender.

Dominican Republic sets talk

Dominican Republic set talk for a 30-year issue of dollar-denominated and benchmark-sized notes in the 7½% area, a market source said.

Goldman Sachs and JPMorgan are the bookrunners for the Rule 144A and Regulation S deal.

The deal may also include a peso-denominated tranche of notes.

The proceeds will be used to finance infrastructure projects and provide economic support to other sectors of the economy.

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