Chile’s AES Gener prices 60-year notes at 7 1/8%; Credit Bank of Moscow sets guidance

By Paul A. Harris

Portland, Ore., March 18 – In Monday’s emerging markets session Chile’s AES Gener SA launched a $550 million offering of junior subordinated notes due 2079 (expected ratings: Ba2/BB/BB) to yield 7 1/8%.

And Credit Bank of Moscow talked its $300 million minimum offering of 5¼-year loan participation notes (expected rating: //BB-) to yield 7 1/8% to 7¼%.

AES Gener pricing

AES Gener SA launched a $550 million offering of junior subordinated notes due 2079 (expected ratings: Ba2/BB/BB) to yield 7 1/8%.

The deal launched tight to guidance in the 7 3/8% area. Initial price talk was in the mid-to-high 7% area.

The deal was expected to price later on Monday, the source said.

Joint bookrunner Goldman Sachs will bill and deliver. BofA and JPMorgan are also joint bookrunners.

The Santiago-based electricity generator plans to use the proceeds to refinance its 8 3/8% hybrid notes due 2073 and for general corporate purposes.

Credit Bank of Moscow talk

Credit Bank of Moscow talked its $300 million minimum offering of 5¼-year loan participation notes (expected rating: //BB-) to yield 7 1/8% to 7¼% on Monday, according to market sources.

Talked tightened from earlier guidance in the 7¼% area, a sources said.

Citigroup, Societe Generale, Commerzbank, ING and Sova Capital are joint lead managers and bookrunners.

Evraz mandates banks

Evraz plc mandated JPMorgan, BofA, Gazprom Bank, ING and Sberbank to arrange meetings with fixed-income investors ahead of a benchmark dollar-denominated offering of global senior notes (Ba2), according to a market source.

The London-based steel and mining company, which operates mainly in Russia, plans to use the proceeds to refinance debt including its senior notes due 2020.

Elsewhere on the new issue calendar Republic of Ghana remains on the road with its dollar-denominated benchmark offering of bonds with an expected weighted average life of 7.12 years and/or longer dated tenor.

BofA, JPMorgan, Morgan Stanley, Standard Bank and Standard Chartered Bank are leading the deal.

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