Busy day for LatAm primary markets

jueves 5 de marzo de 2015 18:41 GYT

By Paul Kilby

NEW YORK, March 5 (IFR) - Latin American credit markets saw mixed flows on Thursday as investors turned their attention to some rare dollar supply from Costa Rica and Kimberly-Clark de Mexico.

Costa Rica raised US$1bn through a 30-year bond that priced at par to yield 7.158% or US Treasuries plus 445bp, the mid-point of 440bp-450bp guidance and tight to 462.5bp IPTs.

Leads Deutsche Bank and HSBC stopped short of pushing to the tight end of guidance in order to reach the US$1bn size. Books peaked around US$4bn plus before dropping back to US$3.5bn.

The new issue concession was seen somewhere in the 15-20bp range versus the sovereign's 2044s, which were heard spotted around 425bp pre-announcement.

Further up the credit spectrum, Kimberly-Clark de Mexico returned to market with a US$250m 10-year that priced at 99.459 to yield 3.314% or Treasuries plus 120bp

That was at the tight end of guidance of 125bp area (+/-5bp) and inside IPTs of 135bp area.

While the small size kept some investors away, the deal was able to attract enough accounts to push the order book to just shy of US$1bn.

Bank of America Merrill Lynch and Citigroup were leads on the 144A/Reg S (no reg rights) A-/A rated bond.   Continuación...