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China Merchants plans roadshow; Cnooc bonds mixed; Bladex trades tight of new issue spread
By Aleesia Forni
Virginia Beach, May 1 – China Merchants Bank Co. Ltd. is planning to begin a roadshow in the week ahead, while recently priced bonds traded better in the secondary market on Friday.
The Shenzhen, China-based bank mandated BofA Merrill Lynch, Citigroup Global Markets Inc., HSBC, CMB International, UBS, ANZ and Wing Lung Bank to arrange a series of investor meetings ahead of a possible dollar-denominated bond offering, a market source said.
The roadshow will begin on May 4, and the proposed bond offering (Baa1/BBB+/) will be done via Rule 144A and Regulation S.
In other news from that region, the recently priced deal from Hong Kong’s Cnooc Ltd. – a $3.8 billion, three-part issue of notes priced on Tuesday – was again mixed in trading.
The company’s $1.5 billion of 2 5/8% notes due May 5, 2020, which priced at Treasuries plus 128 bps, traded 3 bps wider on the day at 129 bps bid, 127 bps offered.
The $2 billion 3½% notes due May 5, 2025 priced at Treasuries plus 160 bps also traded 3 bps wider at 163 bps bid, 160 bps offered on Friday.
The $300 million 4.2% notes due May 5, 2045 priced at Treasuries plus 149.6 bps were quoted 1 bp tighter at 149 bps bid, 146 bps offered.
Meanwhile, Panama’s Banco Latinoamericano de Comercio Exterior’s (Bladex) $300 million 3¼% notes due in April 2020 (expected ratings: Baa2//BBB+), which priced on Thursday at Treasuries plus 190 bps, traded around 19 bps tighter at 171 bps bid on early Friday.
A second market source quoted the notes about 6 bps wider at 177 bps bid, 175 bps offered at the session’s close.
BofA Merrill Lynch and Citigroup were the bookrunners for the Rule 144A and Regulation S deal.
The Panama City-based supranational bank was established by the central banks of Latin American and Caribbean countries.
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