Noble prices; BCP, Axis name leads; Net Servicos launches; two Indonesian issuers plan deals

By Christine Van Dusen and Paul A. Harris

Atlanta, Oct. 22 - Emerging markets remained active on Thursday -particularly for deal launches, mandates and roadshow announcements - as investor concern about oversupply was soothed somewhat by the pricing of a sizable Asian deal.

Hong Kong's Noble Group priced its $850 million of notes at 99.105 and they traded firmly at closer to 99.5, a market source said.

This "decent performance" from a "biggish deal in the crossover space helped to calm fears that supply was starting to overwhelm demand."

Also on Thursday, Peru's Banco del Credito del Peru mandated Bank of America Merrill Lynch and JP Morgan as bookrunners for a dollar-denominated deal. It scheduled a roadshow for Oct. 26-29.

India's Axis Bank mandated Barclays, HSBC, JP Morgan and Standard Chartered Bank for a dollar-denominated Regulation S offering.

Meanwhile, Net Servicos de Comunicacao of Brazil launched a $300 million offering of 10-year bonds, and Indonesia's PT Chandra Asri Petrochemical announced plans for a $250 million bond issue and a roadshow the week of Oct. 26.

Also hitting the road for dollar-denominated issues: Indonesia's PLN and Bukit Makmur Mandiri Utama (BUMA), according to a market source.

Meanwhile, the cash kept flowing into the sector. Dedicated emerging markets bond funds saw $34.1 million of inflows for the week to Wednesday, according to AMG Data Services, a market source said. That extends year-to-date inflows to $1,214.2 million.

Noble prices $850 million

Hong Kong-based commodities company Noble Group priced $850 million of global bonds at 99.105 to yield 6 7/8%, according to a trader who concentrates on Asia deals.

The bookrunners for the 10-plus-year notes are Goldman Sachs International, Hongkong and Shanghai Banking Corp., J.P. Morgan Securities and Royal Bank of Scotland.

The proceeds will be used to fund a tender offer for up to $340 million of the company's 6 5/8% notes due 2015 and for general corporate purposes.

Banco de Credito del Peru picks banks

Banco de Credito del Peru (BCP) (/BBB-/BBB) has mandated Bank of America Merrill Lynch and JP Morgan as bookrunners for a dollar-denominated benchmark offering, according to a market source.

A roadshow is planned for Oct. 26-29 in Europe and the United States for the Rule 144A and Regulation S transaction.

The debt will mature in 60 years and the bonds are non-callable for 10 years with a step-up in year 10.

The proceeds will be used to sustain capital ratios, according to a Fitch Ratings report

The roadshow will begin in Zurich on Oct. 26, continue in London and Singapore on Oct. 27, Hong Kong and Boston on Oct. 28 and wrap up in New York and Miami on Oct. 29.

BCP is a Peruvian banking company.

Axis Bank names managers

Another bank mandated bookrunners on Thursday. Mumbai, India-based Axis Bank (Baa2/BBB-/) will work with Barclays, HSBC, JP Morgan and Standard Chartered Bank on a benchmark-sized, dollar-denominated offering, a market source said.

The Regulation S issue will be launched subject to market conditions.

A roadshow will begin Oct. 26 in Singapore and move on to Hong Kong on Oct. 27 and London on Oct. 28.

Net Servicos launches 10-years

Brazil's Net Servicos de Comunicacao, a cable services provider based in Sao Paulo, plans to sell $300 million of 10-year global bonds, according to a market source.

The bookrunners are Citigroup, ING Groep NV and Banco Itau.

The bonds are non-callable for five years.

Chandra Asri on the road

Also launching Thursday: Indonesia's Chandra Asri Petrochemical's $250 million bond issue. It's expected to price the week of Oct. 26, following a roadshow, according to a market source.

The bookrunners are DBS Securities and Deutsche Bank.

Chandra Asri is a Jakarta-based ethylene and propylene producer.

PLN, BUMA to roadshow

Indonesia's PLN (Ba2/BB-/) plans to roadshow a dollar-denominated issue from Oct. 23-27, according to two market sources.

Barclays and UBS are the bookrunners for the Rule 144A Regulation S offering.

The roadshow will start in Singapore and Hong Kong today, then move to Los Angeles and London on Oct. 26 and Boston and New York on Oct. 27.

PLN, a Jakarta-based state-owned electricity utility, typically "trades cheap to the sovereign, about 125 bps behind the sovereign," a market source said. "Any pick up is good."

Proceeds will be used to fund capital expenditure requirements for general corporate purposes and for transmission and distribution construction projects

Also from Indonesia, Bukit Makmur Mandiri Utama (BUMA) plans to roadshow a $350 million issue the week of Oct. 26 and price it afterward, according to a market source.

Barclays Capital, Deutsche Bank, ING and Macquarie Securities are the bookrunners.

BUMA is a coal mining firm.

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