Greece sells eurobonds; Endesa Chile, State Bank of India also price; Damac notes widen

By Aleesia Forni

Virginia Beach, April 10 - Greece, Chile's Empresa Nacional de Electricidad SA (Endesa Chile), State Bank of India and Turkiye Garanti Bankasi AS (GarantiBank) were among the issuers printing new deals during a solid session for emerging markets.

Greece brought to market a €3 billion issue of 4¾% five-year bonds on Thursday, according to a market source.

The issue priced at 99.133 to yield 4.95% and was the sovereign's first bond issue in about four years.

State Bank of India was also in Thursday's market, pricing a $1.25 billion two-part issue of notes in tranches due 2019 and 2024.

The $750 million tranche of 3.622% five-year notes sold at Treasuries plus 205 basis points.

A second tranche was $500 million of 4.875% 10-year notes, which priced with a spread of Treasuries plus 225 bps.

The session also saw GarantiBank issue $750 million of 4¾% 51/2-year notes at the tight end of guidance with a spread of Treasuries plus 320 bps.

Talk was set in the Treasuries plus 330 bps area.

Meanwhile, Endesa Chile priced a $400 million issue of 4¼% notes due 2024 with a spread of Treasuries plus 175 bps.

The issue was priced sold tight of initial guidance, which was set at Treasuries plus 200 bps.

Singapore's Gallant Venture Ltd. sold S$175 million of 5.95% two-year notes at par during the session.

Colombia's Sura Asset Management announced price guidance for its planned $500 million issue of 10-year notes in the Treasuries plus 262.5-bps area during the session.

In other market action on Thursday, China Unicom (Hong Kong) Ltd. launched a RMB 4 billion issue of three-year senior notes at 4%.

Thursday also saw China's LP Finance Ltd. detail its recent $500 million issue of 4.45% senior notes due 2021, which priced with a spread of Treasuries plus 235 bps on Wednesday.

The notes, guaranteed by Hang Lung Properties Ltd., priced at the tight end of the Treasuries plus 240 bps area talk.

In forward calendar news, Bank of East Asia announced plans to begin a roadshow on Friday ahead of a proposed dollar-denominated sale of notes, according to a market source.

Brazil's Paranapanema SA is also planning to kick off a series of investor meetings ahead of a dollar-denominated offering.

The company has mandated BB Securities, Bradesco BBI and Deutsche Bank to arrange the meetings.

Also on Thursday, Zenith Bank set price talk in the high-6% area for its planned five-year issue of senior notes.

In the secondary market, a trader saw Dubai-based Damac Real Estate Development Ltd.'s recent new issue trade wider during the session.

The source noted that the $650 million 4.97% five-year issue "on face value has traded poorly" since its pricing earlier this month.

Greece sells €3 billion

Greece (Caa3//) priced €3 billion of 4¾% five-year bonds on Thursday at 99.133 to yield 4.95%, according to a market source.

The bookrunners were BofA Merrill Lynch, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan and Morgan Stanley.

State Bank of India two-parter

State Bank of India sold a $1.25 billion two-part issue of senior notes (Baa3/BBB-/) in five- and 10-year tranches on Thursday, according to a market source.

A $750 million tranche of 3.622% five-year notes priced at par to yield Treasuries plus 205 bps.

There was also $500 million of 4.875% notes due 2024 priced at 99.945 to yield 4.882%, or Treasuries plus 225 bps.

BofA Merrill Lynch, Barclays, BNP Paribas Securities Corp., J.P. Morgan Securities LLC, SBI Capital Markets, Standard Chartered Bank and UBS Securities LLC were the joint bookrunners for the Rule 144A and Regulation S deal.

State Bank of India is based in Mumbai.

GarantiBank prices 51/2-years

GarantiBank sold $750 million of 4¾% 5.5-year senior notes (Baa2/BBB) on Thursday with a spread of Treasuries plus 320 bps, according to an informed source.

The notes sold at the tight end of guidance, which was set in the Treasuries plus 330 bps area.

BofA Merrill Lynch, BBVA Securities Inc., Citigroup Global Markets Inc. and HSBC Securities were the joint bookrunners.

The notes were sold via Rule 144A and Regulation S.

GarantiBank is a lender based in Istanbul.

Endesa Chile prices tight

Endesa Chile sold $400 million of 4¼% 10-year notes (Baa2/BBB+/BBB+) at Treasuries plus 175 bps on Thursday, according to a FWP filed with the Securities and Exchange Commission.

Pricing was at 98.98 to yield 4.377%.

The notes sold tight of guidance, which was set at Treasuries plus 200 bps.

BBVA Securities Inc. and J.P. Morgan Securities LLC were the bookrunners.

The proceeds will be used for general corporate purposes.

The issuer is a generator and supplier of electricity and is based in Santiago.

Gallant new issue

Singapore's Gallant Venture announced that it had sold S$175 million of 5.95% two-year notes at par on Thursday.

DBS Bank Ltd. is the lead manager and bookrunner for the issue.

The notes will be issued under the company's $500 million euro medium-term note program established on Nov. 15.

Proceeds will be used to partially finance existing borrowings.

The investment holding company is based in Singapore.

China Unicom launches

China Unicom (Hong Kong) launched a RMB 4 billion issue of three-year senior notes at 4% on Thursday, according to an informed source.

Bank of China, CICC HK Securities, JPMorgan and Nomura are the bookrunners for the Regulation S notes.

Proceeds will be used for working capital and general corporate purposes.

The telecommunications services provider is based in Hong Kong.

Zenith Bank sets talk

Zenith Bank (BB-/BB+/) is planning to price a five-year issue of senior notes, with price talk in the high 6% area, according to a market source.

Citigroup Global Markets Inc. and Goldman Sachs & Co. are the joint bookrunners for the Rule 144A and Regulation S deal.

Zenith is a lender based in Lagos, Nigeria.

Bank of East Asia roadshow

Bank of East Asia will begin a roadshow on Friday ahead of a planned offering of dollar-denominated notes, according to a market source.

HSBC and Goldman Sachs are arranging the meetings for the Regulation S deal.

The bank is based in Hong Kong.

Paranapanema taps bookrunners

Paranapanema is planning a series of investor meetings ahead of a possible dollar-denominated offering of notes, according to market sources.

BB Securities, Bradesco BBI and Deutsche Bank are arranging the meetings, which will take place in the United States, Asia and Europe.

Paranapanema is a copper producer is based in Dias d'Avila, Brazil.

Sura Asset sets guidance

Colombia's Sura Asset Management intends to price a $500 million issue of notes (Baa2/BBB+/) due 2024, according to market sources.

Initial guidance is in the Treasuries plus 262.5-bps area.

BofA Merrill Lynch and Morgan Stanley are the bookrunners for the Rule 144A and Regulation S deal.

The company wrapped up a roadshow on Wednesday.

Sura is a pension fund administrator in Latin America, with main operations in Chile, Mexico, Peru and Colombia.

Abengoa deal oversubscribed

The orderbook for the recent sale from Peru's Abengoa Transmision Sur SA (ATS) was more than four times oversubscribed, according to a market source.

The company sold the $432 million of 6 7/8% notes due 2043 (expected ratings: /BBB-/BBB-) at 99.995 to yield 6 7/8% on Tuesday.

The book was seen at nearly $2 billion from more than 100 investors, with 79% of orders coming from North America, 12% from Latin America, 8% from Europe, the Middle East and Africa and 1% from Asia.

In terms of investor type, 63% or orders came from asset managers, insurers and pension funds picking up 27%, banks accounting for 6% and 4% from other investors.

BNP Paribas and HSBC were the bookrunners for the Rule 144A and Regulation S deal.

The proceeds will be used to refinance existing bank debt.

Abengoa Transmision, an engineering construction and service company based in Lima, is a subsidiary of Spanish conglomerate Abengoa Finance SAU.

Hang Lung details sale

Hang Lung Properties detailed its recent sale of $500 million 4.45% senior notes due 2021 on Thursday.

The issue sold with a spread of Treasuries plus 235 bps during Wednesday's session at the tight end of talk.

HSBC and JPMorgan were the bookrunners for the Regulation S deal.

The deal's orderbook reached $1.9 billion with more than 110 accounts.

The noted received 95% of its orders from Asia and 5% from Europe.

Fund managers picked up 55%, banks 21%, insurers 11%, private banks 11% and corporates 2%.

Hang Lung is a Hong Kong-based real estate company.

Damac notes widen

Dubai's Damac Real Estate Development's $650 million five-year notes (/BB/), which at par to yield 4.97% on April 2, were quoted at 98.87 on Thursday.

Barclays, Citigroup and Deutsche Bank were the joint global coordinators for the Regulation S deal.

The issuer is a luxury property development company based in Dubai.

Marisa Wong and Christine Van Dusen contributed to this review.

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