Cometa slips in trade; LatAm calendar grows; Middle East quiet after flurry of issuance

By Rebecca Melvin

New York, April 20 – Cometa Energia SA de CV’s newly priced 6 3/8% notes due 2035 traded down 0.5 point or more on Friday after the Actis GP LLP subsidiary priced $860 million of the notes at par.

The new Cometa traded initially in the context of 99 bid, 99½ offered and stayed in that range, a New York-based market source said around midsession.

Cometa has “done okay,” the market source said, adding that in the context of Friday’s market, it was not bad.

Meanwhile, the calendar of deals for the Latin America region for next week grew with the deals initially slated for pricing this week also shifting to next week.

Canacol Energy Ltd. announced a dollar-denominated offering of medium-term notes, with fixed-income investor meetings scheduled Monday through Wednesday.

Citigroup and Credit Suisse are joint bookrunners arranging the meetings in Europe and the United States, starting on Monday.

The Calgary, Alta.-based energy exploration and production company operates in Colombia.

Sixsigma Networks Mexico SA de CV (KIO Networks) also joined the calendar with a dollar-denominated deal of medium-term notes, also slated for roadshow meetings Monday through Wednesday with stops in Geneva, London, Los Angeles, Boston and New York.

KIO Networks is an information technology services company based in Mexico City.

Deals that did not price include Light SA’s five-year dollar notes, Transportadora de Gas Internacional SA’s 10-year dollar notes, and Banco de la Cuidad de Buenos Aires’ Argentine-peso denominated cross-border benchmark of floating-rate notes.

“Next week is going to be a busy week,” a New York-based market source said. A lot of the deals have roadshows attached, and they have to conclude before the deals price, he said.

The emerging markets primary has been active of late with both corporate and sovereign issuers getting deals done, the source said, noting Uruguay and Panama, which priced recently.

“It’s just been very busy for this time of year,” the source said.

While final terms were released for Turkey’s Ronesans Gayrimenkul Yatirim AS’ $300 million of 7¼% five-year notes, effectively clearing the calendar for the Middle East region, there were no new announcements for next week’s business.

“It’s been quiet today,” a market source said.

The RGY notes priced at a reoffered 99.485 to yield 7 3/8%, or a spread of 461.2 basis points over U.S. Treasuries. The Ankara, Turkey-based company is a commercial real estate development and investment company, jointly owned by Ronesans Group and Government of Singapore Investment Corp.

Also joining the calendar was Hong Kong-based oil and gas exploration and production company Cnooc Ltd., which plans to price dollar-denominated notes in a Securities and Exchange Commission-registered deal via bookrunners Citigroup Global Markets Inc., Credit Suisse, Goldman Sachs (Asia) LLC, HSBC, J.P. Morgan, Mizuho Securities, Natixis and Societe Generale CIB.

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