18 de mayo de 2016 / 20:47 / hace un año

LATAM CLOSE-Two issuers tap primary market

* Banco Hipotecario prints upsized tap

* Prices on Petrobras 10-year move lower in secondary

* Fears of government rescue sink Eletrobras shares

* Peru’s Kallpa sets price talk on new 10-year bond

* Pemex returns to Swiss franc market

By Mike Gambale and Paul Kilby

NEW YORK, May 18 (IFR) - Below is a recap of primary issuance activity in the LatAm market on Wednesday:

Number of deals priced: 2

Total issuance: 1 US$150m, 1 CHF375m

BANCO HIPOTECARIO

Argentine mortgage bank Banco Hipotecario announced a tap of its 9.75% 2020s. 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.

IPTs low 8%s

GUIDANCE: Tap of 9.75% 2020 at 8% area (+/-12.5bp)

LAUNCH: US$150m tap of 2020s at 8%

PRICED: US$150m tap of 9.75% 2020: 106.525; 8%Y

PEMEX

Pemex (Baa3/BBB+/BBB+) announced a due Jun 2018 and Dec 2021 Swiss franc bonds issue via Credit Suisse and UBS. The two-year will be for minimum CHF175m and has a spread of 205-225bp over mid-swaps (indic coupon 1.5%; indic yield 1.337-1.537%).

The long five-year will be for minimum CHF125m and marketed at 275-290bp over mid-swaps (indic coupon 2.25%; indic yield 2.211-2.361%).

PRICED: CHF375m 2-part notes.

- CHF225m. Cpn 1.50%. Due 6/14/18. Ip 100.211. Yld 1.392%. MS+210bp.

- CHF150m. Cpn 2.375% Due 12/14/21. Ip 100.55. Yld 2.269%. MS+280bp.

PIPELINE

Peruvian power company Kallpa Generacion has announced initial price thoughts of low to mid 300bps over US Treasuries on a 10-year bond ahead of pricing on Thursday.

Credit Suisse, Credicorp Capital, Morgan Stanley and Scotiabank are acting as leads on the 144A/RegS offering. The power generation company, the largest subsidiary of Inkia Energy & IC Power, is using proceeds to refinance debt. Expected ratings are Baa3/BBB- by Moody’s and Fitch.

City of Buenos Aires is roadshowing a new 144A/RegS dollar bond to finance a debt tender. The issuer is looking to raise up to US$890m through a senior unsecured 10-year bond, according to Fitch, which has assigned a B rating to the deal.

The borrower was in London and Los Angeles on Wednesday and will head to New York on May 19 and 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.

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. (Reporting by Mike Gambale; editing by Shankar Ramakrishnan)

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