New Seplat Petroleum trades up a point from reoffer; new Itau Unibanco trades flat

By Rebecca Melvin

New York, March 13 – Seplat Petroleum Development Co. plc’s newly priced 9¼% notes traded up about a point on Tuesday after the Nigerian oil and gas E&P company priced $350 million of the five-year notes at a reoffered 99.013, taking initial yield up to 9½%, a London-based trader said.

The Seplat notes were quoted 99.75 bid, 100.25 offered at the end of London’s session.

The notes, which are non-callable for two years, were oversubscribed by about two times. The bond represents the company’s first foray into the international debt markets and the first cross-border bond for an African corporate issuer this year.

Meanwhile the rest of the CEE/MEA region was fairly busy, with deals continuing to be announced and priced. Turkey’s Yapi ve Kredi Bankasi AS priced $500 million of five-year bonds at par to yield 6.1%. That pricing was tightened from initial talk in the 6¼% area.

Also among new issues was Brazil’s Itau Unibanco Holding SA, which priced its second tier one perpetual transaction in three months. The Brazilian lender priced $750 million of the 6½% subordinated notes at par on Monday, and those notes traded right around issue price on Tuesday.

In December, Itau Unibanco priced $1.25 billion of perpetual notes to yield 6¼%. Both issues had been talked in the mid 6% area.

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