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Asian investment-grade deals surface; Digicel bonds drop on numbers, headline news
By Paul A. Harris
Portland, Ore., Aug. 30 – A pair of Asian high-grade deals are on a trajectory to price in the Sept. 3 week, sources said.
Bangkok Bank PCL (Baa1/BBB+/BBB+) plans to commence marketing a benchmark dollar-denominated offering of bonds with an expected intermediate maturity on Monday.
Morgan Stanley and Citigroup are managing the sale.
And China General Nuclear Power Corp. (A3/B-/A-) is marketing a benchmark offering of green bonds.
The deal is coming in dollar-denominated and euro-denominated notes and set to roadshow on Monday in London.
It is expected to price during the Sept. 3 week.
Bank of China, BNP Paribas and Credit Agricole are managing the sale.
Digicel drops
The bonds of Jamaica-based Digicel Ltd. have been dropping since midweek on news that the wireless operator’s earnings fell 2% in the quarter which ended on June 30 and on the news that chief financial officer Ray Leclercq will depart from the company just one year after taking the job.
Bonds are down two points to three points over the past two days, according to an investor who spotted the Digicel 6¾% senior notes due March 2023 at 81 bid, 82 offered on Thursday.
Elsewhere, the bonds of South African telecom MTN Group fell when the government ordered the company and its banks to return $8.1 billion which, according to the government, was illegally expatriated from Nigeria.
As MTN’s stock sustained a 14% drop, the dollar-denominated bonds also fell, said the investor who added that creditors were counting on portions of that cash to be paid as a dividend to the parent, then to be used to repay debt.
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