Coca-Cola Icecek prices benchmark; CEZ eyes tap; Klabin adds in gray; Venezuela weaker

By Rebecca Melvin

New York, Sept. 12 – Coca-Cola Icecek AS priced a $500 million benchmark at par on Tuesday to yield mid-swaps plus 225 basis points, which was well below initial talk for a yield of mid-swaps plus 265 bps.

The allocation process extended beyond London’s trading session, so this deal was expected to be a focus in Wednesday’s session.

CEZ Group of the Czech Republic announced a planned tap of at least €150 million to its existing 3% notes due June 5, 2028. The original €500 million of CEZ 2028 notes were seen at 112.75 in the secondary market on Tuesday with a wider z-spread of 81 bps, a market source said.

Brazil’s Klabin SA priced a dollar benchmark of $500 million at 99.414 to yield 4.95%. The company traded up slightly in the gray market ahead of final terms being fixed, a New York-based market source said.

Also pricing on Tuesday was a $300 million issue by Peru’s San Miguel Industrias PET SA for 4½% seven-year notes that priced at par.

Venezuela and Petroleos de Venezuela SA were a little weaker again after moving a little lower into the close on Monday. Investors traded the Venezuela 9¼% notes due 2027 amid speculation about whether a coupon payment would be made on that paper this week.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.