Emerging markets calendar: Gazprombank offers benchmark

WEEK OF JUNE 16

OJSC GAZPROMBANK: Benchmark-sized dollar denominated senior bonds (A3/BBB-); Barclays, Citigroup (joint books); Regulation S; roadshow June 17 and June 18 in Frankfurt, Hong Kong, London, Singapore and Switzerland.

JUNE

BANCO PANAMERICANO: $120 million two-year eurobonds (Ba2); Banco Votorantim, Banco Espirito Santo, Unibanco (joint books); Regulation S; Sao Paulo-based retail and commercial bank; roadshow in New York on May 19 and May 20; initial guidance in 7¼% area.

BANCO PINE SA: $100 million to $150 million bonds (BB-/); Credit Suisse, HSBC (joint books); Rule 144A/Regulation S; Sao Paulo, Brazil-based commercial and retail bank.

CAMIL ALIMENTOS: 150 million senior unsecured bullet bond (Ba3/BB-/); ABN Amro, Santander (joint books); proceeds to refinance existing debt from the acquisition of Urugauy's Saman; Sao Paulo-based food producer; roadshow on June 18 in Hong Kong, on June 19 in Singapore, on June 20 in Geneva, on June 23 in London, on June 24 in New York, on June 25 in Boston and on June 26 on the U.S. West Coast.

HOME CREDIT & FINANCE BANK: $500 million three-year loan participation notes; Citigroup; Regulation S; putable after 18 months; Moscow-based retail and commercial bank; initial guidance set at 11%.

JSC NC KAZMUNAYGAS: Benchmark bonds (Baa1/BBB-/BBB); ABN Amro, Citigroup, Credit Suisse (joint books); Rule 144A/Regulation S; Astana, Kazakhstan-based government-owned energy firm; roadshow on June 17 in Los Angeles and Hong Kong, on June 18 in Singapore and New York, on June 19 in London and Boston and on June 20 in London.

LUPATECH SA: Reopening of 9 7/8% perpetual senior unsecured notes (Ba3/BB-); Citigroup, Merrill Lynch (joint books); callable beginning in 2012; Caxias do Sul, Brazil-based industrial materials manufacturer; roadshow in Singapore June 17, Hong Kong June 18; U.S. and European roadshow to follow.

OJSC SBERBANK: Benchmark-sized dollar-denominated bonds (A2//BBB+); Barclays, JPMorgan (joint books); from medium-term note program; Regulation S; Moscow-based commercial bank.

UKRAINE: $400 million bonds (B1/BB-/BB-); BNP Paribas, JPMorgan, Standard Bank (joint books).

OJSC UNITED AIRCRAFT CORP.: At least $100 million 18-month to two-year bonds (Ba2) ; MDM Bank; proceeds to modernize the company's manufacturing facilities; government-run Moscow-based aerospace and defense firm; expected in the second half of June; initial guidance between 10¼% and 10½%.

ON THE HORIZON

BANCO INDUSTRIAL SA: $85 million fixed- to floating-rate 60-year tier 1 notes; coupon will be fixed between 9% and 10% for the first 10 years, if not called the coupon steps up to a spread of Libor plus 500 bps for the next 10 years, for the remaining 40 years the coupon steps up another 150 bps; Credit Suisse; Regulation S; Guatemala City-based retail and commercial bank.

BRASKEM SA: $1.2 billion in debt over two separate issuances (Ba1/BB+/BB+); Sao Paulo-based petrochemical firm.

EGYPT: Egyptian pound-denominated eurobonds (Ba1/BB+/BB+); HSBC, Merrill Lynch (joint books); pricing expected in 2008.

GS CALTEX: Bond issue; Barclays, Citigroup, Goldman Sachs, Merrill Lynch (joint books); Rule 144A/Regulation S; Seoul-based oil refiner.

ROMANIA: €500 million 10-year eurobonds; Credit Suisse, UBS, Eurobank EFG (joint books); planned in the first half of 2008.

OAO SIBIRTELECOM: $90 million bonds (B+); MDM Bank; Novosibirsk, Russia-based fixed-line telecom operator coupon is expected at 7.7%; yield expected between 9% and 9½%.

ST. VINCENT AND THE GRENADINES: Dollar-denominated 10-year offer; HSBC; Regulation S; proceeds to construct a national library, stadium, police stations and river defenses.

TARJETA NARANJA SA: $20 million 13-month notes; Banco de Galicia y Buenos Aires; from $350 million note program; Cordoba, Argentina-based credit card lender.

TECHNIKABANK: Dollar-denominated loan participation notes (B3//B-, expected); Morgan Stanley; Rule 144A/Regulation S; Baku, Azerbaijan-based commercial and retail bank; roadshow in Asia, Europe and the United States from April 23 to May 1.

LOCAL CURRENCY

ALDAR PROPERTIES PJSC: Debut dirham-denominated sukuk; Abu Dhabi Commercial Bank, Barclays, Credit Suisse, Dubai Islamic Bank, First Gulf Bank, Lehman Brothers, National Bank of Abu Dhabi, Noor Islamic Bank (joint books); Regulation S; Abu Dhabi-based property developer; roadshow in Abu Dhabi, Bahrain and London began May 27.

AMBANK BHD.: S$425 million 10-year stapled notes (BB/BB); BNP Paribas, AmBank (joint books); proceeds to fund the bank's growth; Kuala Lumpur, Malaysia-based retail and commercial bank.

AMERICAN ISRAELI PAPER MILLS LTD.: Up to NIS 1 billion debenture offer; offer includes 10 million warrants of series A to D exercisable for one ordinary share, 1 million warrants of series E to Hi exercisable for one debenture at the principal amount of NIS 100; Hadera, Israel-based paper producer.

BANK OF COMMUNICATIONS CO. LTD.: Up to 5 billion yuan bonds, maturity of one- to three-years; proceeds for granting loans, general working capital and general corporate purposes; Shanghai-based retail and commercial bank.

CITY OF CAPETOWN: Up to 1 billion rand 15-year senior unsecured bullet bonds (Aa2, local); Absa Captial, Vunani Capital (joint books); pricing June 18.

CHINA MERCHANTS CO.: Up to 30 billion yuan bonds with a maturity of no more than five years (Baa2/BBB); local or major currencies; overseas limited to 10 billion yuan; proceeds for working capital; Hong Kong-based holding firm with interests in import and export.

CHINA NATIONAL MATERIALS CO. LTD.: 3 billion yuan five- to 10-year bonds; local market; proceeds to adjust the company's debt structure; Hong Kong-based building materials manufacturer.

CHINA SOUTHERN AIRLINE CO. LTD.: 1.5 billion yuan three-year bonds; proceeds for working capital; Guangzhou, China-based airline.

CHINABANK: Up to PHP 8 billion in long-term negotiable certificates of time deposit; two or more tranches of at most PHP 5 billion and PHP 3 billion; Manila-based commercial and retail bank.

FRASER & NEAVE HOLDINGS BHD: 1 billion ringgit seven-year bond; proceeds for working capital; Singapore-based bank and real estate developer.

HUADIAN POWER INTERNATIONAL CO. LTD.: 5.3 billion yuan six-year bonds with one-year warrants; each warrant is redeemable for one A share; proceeds to acquire and build new power facilities; Beijing-based state-owned power company.

MATANG HIGHWAY SDN. BHD.: 70 million ringgit sukuk; proceeds to refinance debt related to the construction of the Matang Highway and for working capital; government entity established to fund the construction of the highway.

METROBANK: PHP 10 billion lower tier 2 notes in one or two tranches; proceeds to refinance debt; Makati City, Philippines-based bank.

OJSC MOBILE TELESYSTEMS: 10 billion ruble 10-year notes (Ba2/ BB-/BB+); Troika, Gazprombank, Raiffeisenbank (joint books); Moscow-based mobile phone service provider; initial guidance at par to yield between 8.35% and 8.85%.

MUHIBBAH ENGINEERING BHD.: 130 million ringgit sukuk with detachable warrants; 38 million warrants; Selangor, Malaysia-based construction firm.

PETROCHINA CO. LTD.: Up to 60 billion yuan with a maturity of 15 years or less; sold to A shareholders; proceeds for mid- and long-term capital requirements; Beijing-based energy firm.

PHILIPPINE NATIONAL BANK: PHP 3 billion 10-year lower tier II notes; Deutsche Bank; coupon steps up if not called in five years; proceeds refinance lower tier II notes which are callable in February of 2009; Pasay City, Philippines-based commercial and retail bank; initial guidance set at 8½%.

ROBINSONS LAND CORP.: PHP 2 billion five-year notes; HSBC; proceeds for capital expenditures; Manila-based property developer.

SANRAL: Up to 2 billion rand senior unsecured notes (Aa2, local); offer includes consumer price index-linked 4¼% five-year notes, and three 12¼% notes due in 2018, 2021 and 2028; Absa Capital, First Rand Bank, Vunani Capital (joint books); Tshwane, South Africa-based government-run infrastructure management entity; pricing July 10.

SINOPEC: 20 billion yuan five- to 10-year domestic bonds; coupon will not exceed 90% of the central bank's loan rate; half of proceeds to improve Sinopec's debt structure, half for working capital; Beijing-based energy and natural resource developer.

ROADSHOWS

June 17-18: OJSC GAZPROMBANK: Benchmark-sized dollar-denominated senior bonds (A3/BBB-); Barclays, Citigroup (joint books)

June 17-18: LUPATECH SA: Reopening of 9 7/8% perpetual senior unsecured notes (Ba3/BB-); Citigroup, Merrill Lynch (joint books)

June 17-20: JSC NC KAZMUNAYGAS: Benchmark bonds (Baa1/BBB-/BBB); ABN Amro, Citigroup, Credit Suisse (joint books)

June 18-26: CAMIL ALIMENTOS: 150 million senior unsecured bullet bond (Ba3/BB-/); ABN Amro, Santander (joint books)

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.