French election jump-starts session; Metalloinvest to close; HMEL prices; ACWA deal ahead

By Colin Hanner

Chicago, April 24 – A French election had global markets, including emerging markets, jumping during Monday’s session, a market source said. Several new deals are expected to price, with the pipeline steady out of Russia, Asia and Latin America.

Russia’s Metalloinvest Finance DAC is expected to price a dollar-denominated benchmark offering of seven-year notes on Monday, a market source said.

“It’s pretty busy out there,” a market source said. “There are quite a lot of trades, quite a few Russian [deals] in the pipe to follow Metalloinvest. Another four deals that could all be this week’s business” – Credit Bank of Moscow, KOKS Finance DAC, PhosAgro and MHP SA – “are wrapping up investor work in the next few days. There’s an additional supply from Russia this week.”

Other than that, the source said, a list of Asian new issuances has priced, or are expected, the market source said.

HPCL-Mittal Energy Ltd. priced $375 million of 10-year notes at par to yield 5¼% on Monday, a market source said.

A postponed dollar-denominated offering of notes from Saudi Arabia’s ACWA Power Management and Investments One Ltd. is expected to resurge with a possible new deal next week, a market source said.

Fibabanka AS has mandated banks for investor meetings on Tuesday, a market source said, for a proposed tier 2 dollar-denominated issue expected to price later in the week, a market source said.

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