30 de junio de 2016 / 22:37 / en un año

LATAM CLOSE-Two issuers raise US$3.5bn in primary market

* Argentina makes surprise return to markets

* YPF prints rare peso-linked bond

* Oi to begin talks with creditors next week - CEO

By Mike Gambale and Paul Kilby

NEW YORK, June 30 (IFR) - Below is a recap of primary issuance activity in the LatAm market on Thursday:

Number of deals priced: 2

Total issuance: US$3.5bn

Deals expected to price later Thursday: 1

REPUBLIC OF ARGENTINA

The Republic of Argentina announced a two-part US dollar bond sale on Thursday, just three months after its historic return to international markets in April.

Proceeds will be used for liability management purposes. Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank, and Morgan Stanley are acting as joint bookrunners. Expected ratings are B3/B-/B.

IPTs: 12-year: 6.75% area; 20-year: 7.25% area

GUIDANCE: 12-year: 6.625%-6.75%; 20-year: 7.125%-7.25%

LAUNCH: US$2.75bn. US$1bn 12-year: 6.625%; US$1.75bn 20-year: 7.125%

PRICED: US$2.75bn two-part bond

- US$1bn 6.625% 12-year (07/06/2028). At 100, 6.625% yld. Settle 07/06/2016

- US$1.75bn 7.125% 20-year (07/06/2036). At 100, 7.125% yld. Settle 07/06/2016

BOOK: US$7bn total

YPF

Argentine oil company YPF announced a peso-linked, USD-denominated 2020 bond. The senior unsecured notes are being marketed under a 144A/Reg S format with no registration rights. It will be listed in Luxembourg and governed by New York law. Expected ratings are B3/B by Moody’s and Fitch. BBVA and Santander are acting as leads.

IPTs: Badlar plus 400bp

LAUNCH: US$750m at Badlar+400bp with coupon floor of 18%

PRICED: US$750m 4-year (07/07/2020) peso-linked. At Badlar+400bp, initial interest rate 31.3542%. Settle 07/07/2016

NOT PRICED YET

COSTERA

Colombian road concessionaire Costera announced a dual-currency bond sale. Proceeds are going to pay the construction costs and associated expenses for the Concesion Cartegena Barranquilla Project which was awarded to the company under the country’s fourth generation concession framework.

The bonds will be listed in Luxembourg and governed by New York law. The expected rating on the 144A/RegS deal is BBB- by Fitch. Goldman Sachs is acting as active bookrunner, while Scotiabank is coming in as co-manager.

IPTs: 17.5-year (15-yr average life) inflation-linked peso bond: 6.875%-7.00%; 17.5-year (12.2-year average life) US dollar bond: 7.0% area

PIPELINE:

Argentina infrastructure company CLISA is set to kick off roadshows this week ahead of bond offering and liability management exercise.

The company will visit accounts in Chile, Switzerland, London, Boston, New York and Los Angeles between July 1 and July 13. The bond is being done in conjunction with a cash tender for US$87.106m of outstanding 11.50% notes due 2019.

Holders are being offered a price of 110.00 if they tender by the early bird date of July 13. Thereafter but before the expiration date of July 28, the price drops to 106.50.

BCP and Santander are acting as dealer managers on the tender and leads on the bond sale.

Chile’s Transelec, rated Baa1/BBB/BBB, will start roadshows this week as it looks to market a potential 144A/RegS bond.

The borrower will meet investors in Santiago on Thursday and next week will head to London on Monday, Los Angeles on Tuesday and Boston and New York on Wednesday. Transelec is Chile’s largest power transmission company by kilometers of lines. Citigroup, JP Morgan, Santander and Scotiabank are acting as leads.

Petrobras Argentina is preparing an up to US$500m bond sale to fund a tender for all of its US$300m of outstanding 5.875% 2017s, according to a filing with local regulators. The borrower is seeking to raise 10-year money and has mandated Citigroup and Deutsche on the deal. The announcement comes after Pampa Energia agreed earlier this year to purchase a 67.2% stake in Petrobras Argentina for US$892m.

Argentine power company Pampa Energia will also hire four banks to lead a new international bond sale that will refinance debt taken out to fund its acquisition of Petrobras’s Argentine assets. The company plans to hire Deutsche Bank, Citigroup, ICBC and Banco Galicia to lead the bond sale, which will refinance a US$700m bridge loan extended by the same lenders, Pampa chairman Marcelo Mindlin told IFR.

Mexican real-estate developer Grupo GICSA has finished investor meetings through JP Morgan and Santander. The company has been marketing a US dollar bond, which is expected to be rated BB/BB-.

Celulosa Argentina is eyeing an up to US$250m seven-year bond sale, according to a filing with local regulators. The pulp and paper company has been in discussions with bankers from Citigroup and Credit Suisse about financing options, the company said.

Bolivia is hoping to sell an up to US$1bn 10-year bond in the coming months, according to Economy Minister Luis Arce Catacora. Proceeds would go mainly towards investment in healthcare, specifically hospitals. Bolivia is rated BB by S&P and Fitch and one notch lower at Ba3 by Moody‘s. (Reporting by Mike Gambale; editing by Shankar Ramakrishnan)

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