June 3, 2016 / 5:32 PM / 2 years ago

LATAM CLOSE-One issuer raises US$725m in LatAm market

* Province of Cordoba prints US$725m five-year bond

* Mexico starts marketing Samurai deal

* Fitch downgrades QGOG to B+ w/neg outlook

By Mike Gambale and Paul Kilby

NEW YORK, June 3 (IFR) - Below is a recap of primary issuance activity in the LatAm market on Friday:

Number of deals priced: 1

Total issuance: US$725m


Argentina’s Province of Cordoba is out with a benchmark USD five-year bond ahead of expected pricing on Friday. Proceeds from the senior unsecured bond are being used to fund a tender of 12.375% notes due 2017 as well as finance infrastructure projects. The 144A/RegS transaction is expected to be rated B3/B- by Moody’s and S&P. Bookrunners are JP Morgan and Morgan Stanley.

IPTs mid 7%

GUIDANCE: Five-year USD bond at 7.25% area

LAUNCH: US$725m five-year at 7.125%

PRICED: US$725m 7.125% five-year (06/10/2021) at 100, 7.125% yld. Settle 06/10/2016, First Pay 12/10/2016. MWC +50bp.


The Government of the United Mexican States (A3/BBB+/BBB+) has begun marketing three and five-year Samurai bonds at 0.40%-0.50% and 0.70%-0.80% respectively. Daiwa, Mitsubishi UFJ Morgan Stanley and Nomura are joint lead managers.

The transaction is expected to price as early as next Thursday. Mexico’s last Samurai was a ¥60bn (US$592m) print in July 2014 that included its first 20-year tranche.

Mexican real estate investment trust Fibra Uno will start roadshows next week as it seeks to market a potential US dollar 144A/Reg S bond.

The borrower will be in London and Los Angeles on June 6 and in Boston and New York on June 7. BBVA, Deutsche Bank, Goldman Sachs and Santander have been mandated as leads. Ratings are Baa2/BBB by Moody’s and Fitch.

Argentina’s Cablevision SA is on the road to market an up to US$500m bond sale through leads Deutsche Bank, Itau and JP Morgan.

It was to be in New York and Boston on Friday. Next week it is in London on June 6 and back to New York on June 7.

Expected ratings are B3/B+. Proceeds to refinance existing debt and for general corporate purposes, according to Moody’s. The pay TV and internet service provider is majority-owned by media conglomerate Grupo Clarin.

Brazilian pulp and paper company Eldorado has mandated Bank of America Merrill Lynch, Credit Suisse, BB Securities and Santander to market a USD 144/Reg S bond to international investors.

The borrower was to be in Switzerland on Friday and then head to Los Angeles on June 6, New York on June 7 and Boston on June 8

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 Marc Carnegie

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