Deal calendar grows; ADB prices $4 billion notes; Bahrain plans multi-tranche dollar benchmark

By Rebecca Melvin

New York, Sept. 6 – Emerging primary markets were active across the globe on Wednesday, with the Philippines’ Asian Development Bank pricing $4 billion of five-year notes, Turkey pricing a $1.75 billion tap of its 5¾% notes due 2047 – doubling the size of that issue – and Bahrain setting a roadshow for a multi-tranche dollar-denominated benchmark to start Friday.

Order books for the Asian Development Bank deal grew to some $6.2 billion ahead of pricing, according to a syndicate source.

A pair of deals emerged with a Latin America focus, including GeoPark Ltd.’s new notes offering to be used to pay for a tender of its $300 million of 7½% senior notes due 2020. That roadshow was slated to begin on Friday, with meetings wrapping up next week on Sept. 13.

Meanwhile Adecoagro SA is planning to sell dollar-denominated notes, involving banks including JPMorgan, Itau BBA and Morgan Stanley.

The quick restart for Latin America’s emerging primary market was chalked up to the fact that September is generally a busy month and because there are a number of elections scheduled in Latin America in the next year and issuers are trying to get financing lined up ahead of the political uncertainty, a New York-based sellsider said.

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