Issue from Ronshine; Pemex triple-tranche wows market; Ahli Bank on deck; Kipco sets talk

By Christine Van Dusen

Atlanta, Feb. 15 – Ronshine China Holdings Ltd. sold notes on a Wednesday that saw emerging markets investors focusing on the record-breaking deal from Mexico’s Petroleos Mexicanos SAB de CV (Pemex) and the latest comments from Federal Reserve Chair Janet Yellen.

Also in deal-related news, Qatar’s Ahli Bank QSC launched a $500 million issue of five-year bonds at mid-swaps plus 155 basis points, a market source said.

Kuwait Projects Co. SPC Ltd. (Kipco) set initial talk at 4 7/8% for a 10-year issue of dollar-denominated fixed-rate notes, a market source said.

Kuwait-based Equate Petrochemical Co. KSCC’s new $500 million 3.944% Islamic bonds due Feb. 21, 2024 drew a final book of $3.7 billion from more than 270 orders, a market source said.

From Poland, bonds are expected to get a boost from the sovereign’s recent economic release, which showed a stronger-than-expected fourth-quarter, Schildershoven said in a report.

Investors were also keeping an eye on Croatia-based Agrokor Group, which recently saw its bonds fall to a record low after a Russian official said the nation might not help the Croatian company refinance its loans.

Also receiving attention on Wednesday was China’s Yingde Gases Group, after potential buyer Air Products & Chemicals Inc. said it faced hurdles in its takeover offer.

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