Philippines prices $1 billion 25-year notes; Banco Panamericano tightens price talk

By Paul A. Harris

St. Louis, Oct. 16 - The EMBI-Plus index ended the Friday session 7 basis points wider at 298 bps bid, according to a buy-side source.

In the primary, The Republic of the Philippines priced $1 billion of 6 3/8% 25-year senior unsecured bonds at 99.382 to yield 6.45% on Friday.

The deal had been initially talked with a 6½% coupon, according to a market source.

Deutsche Bank Securities Inc., Hongkong and Shanghai Banking Corp. Ltd. and UBS AG were joint bookrunners.

The deal, which was presented to investors throughout much of Thursday in the United States, and during the Friday sessions in Asia and Europe, was five-times oversubscribed heading into Friday's New York open, according to a market source.

Banco Panamericano tightens talk

Brazil's Banco Panamericano SA tightened yield talk for its dollar-denominated offering of three-year senior unsecured notes (Ba2) to 7¼% from 7¼% to 7½%, on Friday.

Pricing is set for Monday.

The size of the deal remains to be determined.

Banco Bradesco BBI, Banco Espirito Santo de Investimento and Banco Itau are joint bookrunners for the Regulation S offering.

Noble Group announces dollar deal

China's Noble Group announced Friday that it plans to issue dollar-denominated bonds due 2020 (//BBB-) in order to fund a tender for up to $340 million of its 6 5/8% notes due 2014.

Goldman Sachs International, Hongkong and Shanghai Banking Corp. Ltd., J.P. Morgan Securities Ltd. and Royal Bank of Scotland will be joint bookrunners.

The early tender date is Oct. 29.

Any proceeds remaining from the tender financing will be used for general corporate purposes.

The week ahead

China's Lumena Resources Corp.'s dollar-denominated offering of five-year global senior notes (B1/BB-/) is expected to price during the week ahead.

The roadshow wraps up on Wednesday.

BOC International, Credit Suisse and Deutsche Bank Securities Inc. are joint bookrunners for the Rule 144A and Regulation S offering.

Lumena is a miner, processor and manufacturer of thenardite products and is based in Chengdu, China.

Also from Asia, the State Bank of India is expected to price its benchmark offering of five-year global bonds (Baa2/BBB-).

Barclays Capital, Citigroup, HSBC, JP Morgan and UBS AG are managing the Regulation S sale.

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