* Mexico's Posadas taps 2022s for US$50m
* Hipotecario preps bond reopening for Tuesday
* Eletrobras says high risk of missing SEC deadline
* Venezuela says better oil-loans deal reached with China
By Mike Gambale and Paul Kilby
NEW YORK, May 16 (IFR) - Below is a recap of primary issuance activity in the LatAm market on Monday:
Number of deals priced: 1
Total issuance: US$50m
Grupo Posadas announced a tap of its 7.875% 2022s through sole bookrunner JP Morgan. The senior unsecured bond is being sold under a 144A/RegS format and is guaranteed by certain existing and future wholly owned direct and indirect Mexican subsidiaries. There are US$350m of outstanding 2022s.
The bonds are callable on June 30 2019 at 103.938, in 2020 at 101.969 and in 2021 at 100.00. Proceeds will be used to refinance 7.875% 2017 and for general corporate purposes. Ratings are B2/B+/B+ (stable/positive/stable)
IPTs 8% area
LAUNCH: Grupo Posadas US$50m tap of 7.875% 2022 at 8%
PRICED: US$50m tap of 7.875% 2022s: 99.393; 8%Y; Settlement: May 23 2016; Final Maturity: June 30 2022
Argentine mortgage bank Banco Hipotecario is out with IPTs of low 8% on a tap of its 9.75% 2020s ahead of expected pricing on Tuesday.
The borrower, which has mandated Bank of America and Itau on the deal, is targeting a minimum size of US$100m. Ratings are B3/B- by Moody's and S&P. Proceeds are going toward working capital, investments in tangible assets and loan originations. There are currently US$200m in outstanding 2020s.
City of Buenos Aires starts roadshows this week to market a new 144A/RegS dollar bond to finance a debt tender.
The borrower will be in Switzerland on May 17, in London and Los Angeles on May 18, in New York on May 19 and in Boston on May 20. The following week it will return to New York on May 23.
Proceeds will be used to help fund an up to US$390m tender for its 9.95% Series 10 due 2017 notes. The outstanding amount is US$415m. Investors will be paid 105.5. Merrill Lynch, Pierce, Fenner & Smith, Deutsche Bank and HSBC are acting as leads and dealer mangers.
Goldman Sachs is on the road marketing a US$500m financing package for Colombian road project Costera, Clemente del Valle, CEO of the country's development bank Financiera de Desarrollo Nacional, said on Friday.
"They are exploring between bonds and loans, and depending on demand they will decide which of the two they will use," del Valle told IFR on the sidelines of the Colombia InsideOut conference in New York.
The borrower is looking at dollar bonds as well as inflation-linked peso bonds and loans, according to Fitch, which assigned a BBB- rating to the notes this week.
Peruvian power company Kallpa Generacion has started roadshows to market a US dollar-denominated 144A/RegS bond through Credit Suisse, Credicorp Capital, Morgan Stanley and Scotiabank.
The power generation company, the largest subsidiary of Inkia Energy & IC Power, visited investors in Chile and Los Angeles on Monday, and will head to New York on May 17 and Boston on May 18. Proceeds are going toward refinancing debt. Expected ratings are Baa3/BBB- by Moody's and Fitch. (Reporting by Mike Gambale; editing by Shankar Ramakrishnan)