10 de marzo de 2016 / 22:10 / en 2 años

LATAM CLOSE-Two issuers tap primary market for US$2.5bn

* Brazil sees 37.5bp price progression

* Brazil 4 times oversubscribed

* Panama sees just 7.5bp price progression

* Panama book just 2 times oversubscribed

By Mike Gambale

NEW YORK, March 10 (IFR) - Below is a recap of primary issuance in the LatAm primary market on Thursday:

Number of deals priced: 2

Total issuance volume: US$2.5bn


Republic of Panama (PANAMA), Baa2/BBB/BBB, announced a US$ benchmark SEC registered 12-year (03/2028) senior unsecured note offering. The active bookrunners are Credit Suisse and Morgan Stanley. The notes contain a MWC and 3mo par call. Use of Proceeds: General Budgetary Purposes of the Government of Panama. Settlement T+5 (Mar 17, 2016).

IPT: T+212.5bp area

PRICE GUIDANCE: T+205bp (the #)

LAUNCH: US$1bn at T+205bp

PRICED: US$1bn 3.875% cpn 12-yr (3/17/2028). At 99.015, yld 3.979%. T+205bp. MWC+30bp. 1st pay: 9/17/2016.

BOOK: Just over US$2bn

NIC: 10bp (vs. 3.75% ‘25s at G+180bp, add 15bp for maturity extension, FV=G+195bp)


PAGV 3.75% March 16, 2025 at G+180bp


Republic of Brazil, Ba2/BB/BB+, announced a US$ benchmark SEC registered 10-year (April 2026) senior unsecured notes. The joint bookrunners are Bank of America and JPMorgan. UOP: general budgetary purposes. Settle: T+5.

IPT: 6.50% area

PRICE GUIDANCE: 6.25% area (+/- 12.5bp)

LAUNCH: US$1.5bn at 6.125%

PRICED: US$1.5bn. Cpn 6.00%. Due April 17, 2026. Ip US$99.066. Yld 6.125%.

BOOK: US$6bn


Raizen Energy launched a cash tender offer on its 7% due 2017 notes, according to a regulatory statement. The Brazilian company plans to buy up to US$200m of the outstanding US$400m notes. Raizen is seeking to buy the bonds back at 100.25, with a US$30 early bird incentive added.

The early deadline is March 4, with the final deadline on March 18. Citigroup, Credit Agricole and JP Morgan are the dealer arrangers.

Argentina will sell US$11.68bn worth of 5-, 10- and 30-year bonds under U.S. law in mid April if Congress swiftly approves a debt deal for holdout creditors, top finance ministry officials told Congress on Friday.

Finance Secretary Luis Caputo told lawmakers who will debate the debt agreement that the bonds would carry an interest rate in the region of 7.5%.

Colombia has mandated BBVA, Goldman Sachs and JP Morgan to organize meeting with fixed-income investors in Europe to discuss opportunities in the capital markets this year.

Finance Minister Mauricio Cardenas will attend the meetings, which start on March 8 in London. Discussions continue in Germany on March 9, the Netherlands on March 10 and in London again on March 11. Ratings are Baa2/BBB/BBB (stable/negative/stable) by Moody‘s, S&P and Fitch.

The board of Argentine real estate developer IRSA has approved the issuance of up to US$470m of debt, according to a filing with local regulators.

The Province of Mendoza is looking to raise US$300m in both the local and international markets to refinance debt, according to local reports.

Neuquen province is contemplating a bond issue.

The United Mexican States has filed an up to US$10bn debt shelf with the US Securities and Exchange Commission. Proceeds will be used for general purposes, including refinancing and the repurchase of debt.

Argentine E&P company Medanito has wrapped up roadshows ahead of a possible transaction through Itau and UBS. Expected rating is CCC+ by Fitch.

Concesion Pacifico Tres, a toll-road concession in Colombia, wrapped up a roadshow through Goldman Sachs. The company is looking to raise up to US$272m of bonds, according to Fitch, which has rated the senior secured bonds BBB-.

Pacifico Tres is jointly owned by Construcciones El Condor SA, Mario Alberto Huertas Cotes, and Constructora MECO SA. Banca de Inversion is acting as its financial advisor.

Argentina utility Pampa Energia’s shareholders have approved a US$500m debt program.

Uruguay plans to raise up to US$1.5bn in bonds this year.

Fomento Economico Mexicano, S.A.B. de C.V. (FEMSA), rated A- and A by S&P and Fitch, respectively, has mandated BBVA, Credit Suisse and Deutsche Bank to arrange a series of fixed income investor meetings in Europe.

The investor meetings are expected to take place in the week commencing March 7 2016. A euro-denominated bond transaction may follow subject to market conditions. (Reporting By Michael Gambale; editing by Shankar Ramakrishnan)

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