Rusal, Phosagro price benchmark deals; Credit Bank of Moscow, KOKS, Ziraat deals ahead

By Colin Hanner

Chicago, April 26 – Talked-about issuances came to fruition on Wednesday, including United Co. Rusal plc and Phosagro, with more expected by Thursday, a market source said.

The first of two benchmark deals came out of Rusal, which priced $500 million six-year bullet notes at par on Tuesday to yield 5.3%, the company said.

Price talk was 5.3% after tightening from 5.3% to 5 3/8%, a market source said.

Moscow-based chemical holding company Phosagro priced a $500 million 3.95% 4.5-year eurobond on Tuesday, the company said.

Initial price talk was 4% to 4¼% and eventually tightened to 3.95%, a market source said.

The deal was overbooked at more than $2 billion, the company said.

Credit Bank of Moscow is expected to price dollar-denominated perpetual bonds to yield 8 7/8% on Wednesday, a market source said.

Initial price guidance was in the 9% to 9¼% area, a market source said.

For Latin America, there are “a couple of roadshows with deals that are ending today,” a market source said, including Brazil’s Votorantim Metais and Brazilian Development Bank and Guatemala’s Energuate.

Electricity distributor Energuate is expected to price up to $350 million of notes by Thursday, the market source said.

For the week, Latin American markets seem to be in flux with other emerging markets.

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