Slovenia launches tap; Ukrexim prices; Nigeria’s Seplat eyes debut; Venezuela stronger

By Rebecca Melvin

New York, Feb. 28 – Slovenia launched a three-tranche tap of existing notes with order books in excess of €4 billion on Wednesday, and those notes were seen with yield spreads of mid-swaps plus 25 basis points for the 2028 notes, mid-swaps plus 45 bps for the 2035 notes and mid-swaps plus 55 bps for the 2045 notes.

The State Export Import Bank of Ukraine (Ukrexim) priced its Ukrainian hryvnia-denominated, dollar-settled notes at the wide end of price guidance for a 16½% yield.

Ukrexim is a state-run import-export bank based in Kiev, and it priced UAH 4.051 billion of the notes at par.

Also in the primary market is a debut offering from Nigerian oil and gas company Seplat Petroleum Development plc, which is planning a dollar-denominated five- to seven-year deal. Roadshow meetings are scheduled March 1 through March 7 in London and the United States.

There was still no visible pipeline for Latin America issuance, but there were some rumors of deals, a New York-based source said.

Venezuela and Petroleos de Venezuela SA bonds have been slightly better since PDVSA began trading flat about two weeks ago and after a coupon payment on the PDVSA 6% bonds due 2022 was received last week.

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