Singapore's Tat Hong prices notes; AngloGold, Bermuda on deck; Russian names mixed

By Aleesia Forni

Virginia Beach, Va., July 24 - Wednesday's emerging markets bond market saw Singapore-based Tat Hong Holdings Ltd. hit the primary with a S$100 million issue of five-year notes, according to a market source.

Meanwhile, South Africa's AngloGold Ashanti Ltd., Bermuda and First Bank of Nigeria were added to the pipeline on Wednesday having announced plans to price new bond offerings.

AngloGold is set to sell a Securities and Exchange Commission-registered offering of dollar-denominated notes.

In other market news, Bermuda and First Bank of Nigeria are both kicking off investor meetings this week ahead of possible bond offerings.

The secondary market saw recent deals out of Russia trading mixed on the day, according to one London-based trader.

OJSC Russian Agricultural Bank's recent $800 million five-year notes, which priced at par, was quoted at 100.62 bid, 100.87 offered.

The notes were seen at 101 1/8 earlier during the week.

In other trading action, OJSC Gazprom's €900 million issue of 3.7% notes was quoted by a trader at 101.30 bid, 101.55 offered.

The notes sold at par before moving up to 101¼ on Monday.

Tat Hong prices five-years

Tat Hong Holdings came to Wednesday's primary market selling S$100 million five-year notes at par, according to a market source.

Oversea-Chinese Banking Corp. Ltd. and DBS Bank were the bookrunners on the deal.

The notes were sold under the company's S$500 million multicurrency medium-term note program.

Proceeds from the note program will be used for general corporate purposes, including refinancing existing borrowings, and for financing capital expenditure and general working capital.

Tat Hong is a supplier of cranes and heavy equipment.

AngloGold eyes deal

In other market action, AngloGold plans to price a dollar-denominated offering of notes in order to repurchase its 3.5% guaranteed convertible bonds due May 2014, according to a filing with the Securities and Exchange Commission.

The company plans to cancel its $750 million syndicated bridge loan facility following the offering.

Proceeds will also be used for general corporate purposes.

The company previously mandated Citigroup, Deutsche Bank and Goldman Sachs to arrange a marketing trip in Europe and the United States.

The SEC-registered deal will have a make-whole call and also includes a change-of-control put at 101 in the event of a change of control that leads to a ratings downgrade, according to a filing with the SEC.

AngloGold Ashanti is a Johannesburg-based gold producer.

Bermuda schedules roadshow

Bermuda also joined the pipeline on Wednesday, scheduling a series of investor meetings ahead of a planned dollar-denominated bond offering, according to a market source.

The meetings will run through July 29 with stops in Europe and the United States.

JPMorgan and Barclays are arranging the meetings.

Nigerian bank begins roadshow

First Bank of Nigeria is also hosting a series of investor meetings, beginning its roadshow on Wednesday ahead of a possible subordinated tier 2 notes offering, according to a market source.

Citigroup and Goldman Sachs are arranging the investor meetings.

The commercial bank based in Lagos, Nigeria.

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