Turkey prices €1.5 billion notes; RusHydro, Baidu plan deals; Tocumen Airport prices tap

By Rebecca Melvin

New York, Nov. 7 – The Republic of Turkey woke up emerging markets debt on Wednesday with a new offering of euro-denominated 2026 notes. The new notes are coming to the market less than a month after the sovereign priced $2 billion five-year notes in the middle of October.

Turkey priced €1.5 billion of notes to yield 5¼%, or a yield spread of mid-swaps plus 456.4 basis points.

The yield was tightened from initial talk in the area of 5½%.

The Securities and Exchange Commission-registered global offering was sold via joint bookrunners BNP Paribas, HSBC and ING.

The market also eyed Russia’s PJSC RusHydro, which selected banks and has scheduled fixed-income investor meetings about ruble-denominated loan participation notes with a three-year to five-year maturity and a possible three-year renminbi-denominated “Dim Sum” loan participation note.

The Regulation S notes are being sold via Gazprombank, JPMorgan, Sberbank CIB and VTB Capital.

From the Middle East and Africa region, NMC Healthcare LLC announced a proposed dollar-denominated five-year note.

HSBC and Standard Chartered Bank are joint global coordinators and joint lead managers along with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Bank ABC, Barclays, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank and Noor Bank as joint lead managers.

The Abu Dhabi-based healthcare chain and distribution company does business in the United Arab Emirates.

In Asia, Beijing-based web services company Baidu, Inc. announced it is offering two tranches of U.S. dollar-denominated notes, the company said in a regulatory filing.

Goldman Sachs (Asia) LLC and J.P. Morgan are joint bookrunners for the Securities and Exchange Commission-registered deal.

Proceeds from the notes will go towards repaying existing debt and for general corporate purposes.

Baidu was last in the market in March with a $1.5 billion dual tranche of 2023 and 2028 notes.

In Latin America, Panama’s Aeropuerto Internacional de Tocumen priced a $650 million tap of its 6% notes due 2048. The tap followed on the heels of Brazil’s Suzano Papel e Celulose SA tap for $500 million of its 7% senior notes due 2047 on Tuesday. The new Tocuman notes were re-offered at 97.203 for a yield of 6¼%. The 7% Suzano notes priced at 101.842 to yield 6.85%.

The Suzano notes were oversubscribed by four times at the peak of marketing with the new issue concession at about 15 bps, given fair value was seen at 6.7% prior to the announcement, according to a syndicate source.

The new Tocumen notes will form one series with $225 million of the 6% notes sold at par in May.

© 2015 Prospect News.
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