Votorantim plans roadshow; PDVSA, Venezuela down amid turmoil; Credit of Moscow eyes issue

By Colin Hanner

Chicago, April 19 – Talk of several new issues came to the forefront in emerging markets on Wednesday, market sources said, even in a less-than-normally active Latin American market.

Activity has been picking up since the end of the Easter holiday, a market source said, though with holidays overextended into this week, along with companies beginning to enter an earnings blackout, activity has yet to ramp up to normal.

Yet, Brazil’s Votorantim Metais, a Sao Paulo, Brazil-based zinc producer, announced an international roadshow that will begin on April 21, and a deal may follow, a market source said.

HSBC, Morgan Stanley and JPMorgan Chase & Co. are global coordinators for the deal.

Amid protests scheduled to take part in Venezuela and a bleak outlook given by the IMF, Petroleos de Venezuela and Venezuela’s bonds were down markedly on Wednesday.

Another new deal was whispered in the emerging market space on Wednesday, a market source said, coming from Credit Bank of Moscow.

The privately-owned bank operating in Moscow and the Moscow region plans to issue dollar-denominated additional tier 1 bonds, non-callable for 5˝ years, a market source said.

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