Bharti Airtel prices; Beijing Infrastructure sets talk; Shinhan on roadshow; Petrobras widens

By Aleesia Forni

Virginia Beach, March 13 - Bharti Airtel International (Netherlands) BV priced CHF 350 million of six-year senior notes on Thursday during a session that saw weaker-than-expected data out of China.

Industrial production in China rose to 8.6%, below earlier expectations of an increase of 9.5%.

In other news from that region, China's Eastern Creating Investment Holdings Ltd., a subsidiary of Beijing Infrastructure Investment Co. Ltd., set price talk for a planned dollar-denominated five-year notes offer.

The company set talk at 225 basis points over Treasuries, a market source said.

In other forward calendar news, Korea's Shinhan Bank is also planning to sell a dollar-denominated offering of notes.

The bank began a series of investor meetings on Thursday ahead of the proposed issue.

Also on Thursday, details were released on recent sales from China's Times Property Holdings Ltd. and Brazil's Banco Daycoval SA.

Times Property sold a $225 million issue of 12 5/8% five-year notes at the tight end of talk to yield 12 7/8%.

Meanwhile, Banco Daycoval detailed its $500 million sale of 6% five-year notes, which sold at 99.465 to yield 5 7/8%.

The secondary market saw the recent notes from Brazil's Petroleo Brasileiro SA (Petrobras) continue to trade wider on Thursday.

The six-tranche $8.5 billion issue of notes sold on Monday.

Bharti Airtel new issue

Bharti Airtel International (Netherlands) priced CHF 350 million of six-year senior notes at mid-swaps plus 230 bps, according to a company news release.

The notes (Baa3/BBB-/BBB-) priced at 100.108 to yield 2.98%.

Proceeds will be used to refinance existing debt.

BNP Paribas, Deutsche Bank and UBS were the lead managers.

Bharti Airtel is a mobile telecommunications company based in New Delhi.

Shinhan Bank begins roadshow

Korea's Shinhan Bank began a roadshow on Thursday ahead of a planned dollar-denominated offering of notes, according to a market source.

BofA Merrill Lynch, BNP Paribas Securities Corp., Credit Agricole, Citigroup Global Markets, J.P. Morgan Securities LLC and Standard Chartered are arranging the investor meetings.

Shinhan Bank is a lender based in Seoul, South Korea.

Beijing Infrastructure sets talk

China's Eastern Creating Investment announced price talk for its planned dollar-denominated offering of five-year notes (expected ratings: A2/A-/A+) at 225 bps over Treasuries, a market source said.

The notes will be guaranteed by Beijing Infrastructure.

RBS and Wing Lung Bank are the global coordinators. RBS, Wing Lung Bank, ICBC (Asia) and ICBC International are the joint lead managers and joint bookrunners for the Regulation S deal.

Banco Daycoval prices tight

Brazil's Banco Daycoval sold $500 million of 6% five-year notes (Baa3/BB+/BBB-) at 99.465 to yield 5 7/8%, according to an informed source.

Bradesco BBI, Itax BBA, J Safra Sarasin and Standard Chartered Bank were the bookrunners for the Rule 144A and Regulation S deal.

The notes sold at the tight end of talk.

The proceeds will be used for general corporate purposes.

Daycoval is based in Sao Paulo.

Times Property details sale

China's Times Property Holdings priced $225 million of 12 5/8% five-year notes at 99.278 to yield 12 7/8%, according to a market source and a company news release.

The yield printed at the tight end of talk, which was set in the area of 13%.

BOC International, Citigroup, Haitong International, HSBC and UBS were the bookrunners for the Regulation S deal.

The proceeds will be used to refinance existing debt, to fund property development projects and for general corporate purposes.

Times Property is based in Guangzhou, China.

Petrobras notes widen

Petrobras's recent notes sale was trading mostly weaker on Thursday.

The $1.6 billion 3¼% three-year notes traded at 262 bps bid after pricing with a spread of 250 bps over Treasuries.

The $1.5 billion 4 7/8% six-year notes, which priced to yield Treasuries plus 330 bps, was quoted at 341 bps bid.

The $2.5 billion 6¼% 10-year notes traded at 359 bps bid. The notes priced at Treasuries plus 350 bps on Monday.

Petrobras is an energy company based in Rio de Janeiro.

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