Nigeria prices oversubscribed $2.87 billion deal; CAF selling $2.5 billion five-year notes

By Paul A. Harris

Portland, Ore., Nov. 14 – In the Wednesday emerging markets session, Nigeria priced $2,868,352,000 of global bonds (B2/B/B+) in three tranches.

The deal included $1,118,352,000 of seven-year notes that priced at par to yield 7 5/8%. A $1 billion tranche of 8.747% 12-year notes priced at par to yield 8¾%. The long tranche came in the form of a $750 million issue of 9.248% 30-year notes, which priced at par to yield 9¼%.

The deal played to order books that were 3.5 times to four times oversubscribed, the source said.

And Corporacion Andina de Fomento (CAF) set initial spread talk on a $2.5 billion of five-year global notes in the mid-swaps plus 80 basis points area.

Emerging markets debt was a little softer on Wednesday, according to a syndicate banker in New York.

Big swings in equities gave way to an erratic session in emerging markets debt, the banker remarked.

Nevertheless deals got done, the source said.

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