Poland sells add-on; Haitong Securities, JBS on deck; Canara Bank bonds continue to firm

By Aleesia Forni

Virginia Beach, Oct. 17 - Emerging markets saw a spike in activity on Thursday compared to the week's earlier sessions.

However, a trader said that flows were "below average" on Thursday, though he attributed this partly to the continued Eid holiday.

Poland sold a €700 million add-on to its existing 1 5/8% notes due 2019 at 99.334 to yield 1.759%, or mid-swaps plus 43 basis points, a market source said.

The notes priced in line with guidance, which was set at Treasuries plus 40 bps to 45 bps.

BNP Paribas, Deutsche Bank, HSBC and Unicredit were the bookrunners for the deal.

The primary market also saw Korea Exchange Bank come to market on Thursday with a $200 million offering of 4.625% notes due 2023.

Full details were not available at press time.

In other news from the Asian markets, a wholly owned subsidiary of Haitong Securities Co. Ltd. announced plans to sell a dollar-denominated offering of notes.

The notes will be sold under Regulation S.

Brazil's JBS SA announced plans on Thursday to begin a roadshow ahead of a planned bond offering, according to an informed source.

The company mandated JPMorgan, BTG Pactual, Bradesco, BB Securities and Santander to arrange the investor meetings.

Looking to Asia, India-based Canara Bank's recent sale of 5¼% notes due 2018 was performing better on the day.

The notes were quoted about 5 bps better at 359 bps bid on Thursday.

The company sold the $500 million of notes at Treasuries plus 385 bps.

Details of Russia's Bank of St. Petersburg's recent new issue were given on Thursday.

The company priced a $100 million issue of 10¾% tier 2 notes due 2019 at par.

Poland notes in line with talk

Thursday's primary saw Poland sell a €700 million add-on to its existing 1 5/8% notes due 2019 (A2/A-/A-) at 99.334 to yield 1.759%, or mid-swaps plus 43 bps, a market source said.

The notes priced in line with guidance, which was set at Treasuries plus 40 bps to 45 bps.

BNP Paribas, Deutsche Bank, HSBC and Unicredit were the bookrunners for the deal.

JBS hits road

JBS kicked off a roadshow on Thursday ahead of a possible bond offering, according to an informed source.

JPMorgan, BTG Pactual, Bradesco, BB Securities and Santander are arranging the meetings.

JBS is a meat processor based in Sao Paulo.

Haitong eyes new deal

Haitong Securities' indirect wholly owned subsidiary Haitong International Finance Holdings Ltd. plans to conduct an international offering of dollar-denominated bonds to professional investors, according to a company announcement.

Proceeds will be used to meet business operation needs, adjust debt structure, supplement working capital or make investments.

Details of the Regulation S offering have yet to be determined.

The securities firm is based in Shanghai.

BSP prices $100 million

Bank of St. Petersburg priced a $100 million issue of 10¾% tier 2 notes due 2019 at par on Tuesday, a market source said.

The notes priced in line with guidance.

JPMorgan and VTB Capital were the bookrunners.

Marisa Wong contributed to this review.

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