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Morning Commentary: Petroperu begins roadshow for $2 billion of notes; recent deals active
By Colin Hanner
Chicago, June 2 – Activity was quieting in emerging markets on Friday, with equities higher and sovereign bonds mixed. Recent issues were mixed, and at least one new deal came to the pipeline from Latin America.
At least one new deal came to the pipeline in Peru state-owned Petroleos del Peru Petroperu SA (Petroperu), which commenced a roadshow on Friday for up to a proposed $2 billion in unsecured notes, a market source said.
The notes (BBB-/BBB+) will mature in 15 or 30 years, S&P Global Ratings said, and will be the company’s first offering in the bond market.
Proceeds of the notes will be used to finance additions to its Talara refinery.
In the new deal space, Guatemala’s recently priced $500 million 4 3/8% notes due 2027 were quoted at 99.1 bid, 99.27 offered at mid-morning, up from its pricing at a discount to par of 99.
And Russia-based OJSC MMC Norilsk Nickel’s $500 million of 3.85% five-year bonds, which priced Thursday, were quoted at 99.97 bid, 100.13 offered, as compared to its initial par pricing.
As crude oil futures prices tumbled into Friday, Middle Eastern sovereigns were mixed, though trending downward.
Saudi Arabia’s 2 3/8% notes due 2021 were down 2 basis points to 99 bid, 99¼ offered, while its 3.628% notes due 2027 were unchanged at 101.73 bid, 101.98 offered.
Egypt’s 5 7/8% notes due 2025 were down 12 bps to 99.12 bid, 99.87 offered, and its 6 7/8% notes due 2040 were down 25 bps to 99.12 bid, 95.87 offered.
In the ratings space, South Africa will get an update from S&P on Friday, a day following Fitch Ratings’ BB+ affirmation.
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