QGOG Talks Price

Queiroz Galvao Oleo e Gas (QGOG) is heard aiming for a yield in the neighborhood of UST+500bp for a 7-year bond, according to investors. The Brazilian oil services provider was scheduled to complete a roadshow Monday. HSBC, BAML and Citi are managing. The debt is to be raised at the QGOG Constelation unit, and rated BB+/BB minus. QGOG has tapped the project bond market, raising a $700m 7-year drillship securitization priced to yield 5.45% last year, through Citi, HSBC and Santander. It was one of several regional issuers on the road this week. With the US equity and bond markets expected to close again today due to severe weather, the timing of the issuance expected this week remained unclear late Monday.