RAKbank, Alrosa price benchmark-sized deals; Telefonica del Peru pricing

By Rebecca Melvin

New York, April 1 – A pair of $500 million benchmarks were new in the Central & Emerging Europe Middle East and Africa region on Wednesday. Both deals were for five-year durations.

Meanwhile investors were watching for opening price talk for the mega deal by Saudi Arabia’s state-controlled Aramco energy company. The deal is expected to be brought in two or more tranches for $10 billion in size.

Dubai-based commercial bank National Bank of Ras Al Khaimah (RAKbank) priced $500 million of notes with a 4 1/8% coupon. The notes were reoffered at 99.692 to yield mid-swaps plus 185 basis points, with pricing for the five-year bullet tight to earlier deal talk for a spread of mid-swaps plus 210 bps.

Alrosa Finance SA, a subsidiary of the Mirny, Russia-based diamond mining Alrosa, priced $500 million of 4.65% at par to yield mid-swaps plus 231.1 bps.

For the Latin America region, Telefonica del Peru SAA was talking an issue of eight-year notes to yield in the 7 5/8% area, according to a syndicate source on Wednesday.

The issuance is for up to 1.7 billion in Peruvian sol.

Bookrunners for the deal, expected to be rated Ba1 by Moody’s and BBB by Fitch, are BofA Merrill Lynch, J.P. Morgan Securities LLC and BBVA Securities Inc.

The proceeds are earmarked for funding investments in the company's mobile and fixed networks.

The telecom company is based in Peru.

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