NEW YORK, Aug 2 (IFR) - Below is a recap of primary issuance activity in the LatAm primary market on Tuesday:
Number of deals priced: 1
Total issuance: US$700m
Empresa Nactional de Petroleo (ENAP), Baa3/BBB-/A, announced a US$700m (no grow) 144A/RegS 10-year senior unsecured notes. The active bookrunners are Citigroup and JPMorgan. UOP: Liability management and GCP. Settle: T+3.
IPT: T+high 200s
PRICE GUIDANCE: T+250bp area (+/- 10bp)
LAUNCH: US$700m at T+240bp
PRICED: US$700m 3.75% cpn 10yr (8/05/2026). At 98.353, yld 3.951%. T+240bp.
BOOK: Hearing US$3.5bn
NIC: 6bp (vs 2024s at G+230bp; add 4bp for extension. FV: 234bp)
2024s at G+230bp
Mexican development bank Banco Nacional de Comercio Exterior (Bancomext) has mandated BBVA and Credit Suisse to take it on the road to market a US dollar 10NC5 subordinated preferred Tier 2 capital note.
The borrower will conduct a one-day roadshow on August 3 when five teams will target accounts in New York, London, Boston, Los Angeles and Mexico. Expected ratings are Ba1/BBB by Moody’s and Fitch. The bank itself is rated A3/BBB+/BBB+. (Reporting by Mike Gambale; editing by Shankar Ramakrishnan)