13 de julio de 2016 / 21:32 / hace un año

CORRECTED-LATAM CLOSE-Two issuers raise US$1.772bn in LatAm primary

(CORRECTS final pricing on Uruguay bond sale)

* Uruguay leads busy week for LatAm primary

* Celulosa Argentina puts bond sale on hold

* MAN GLG bolsters new EM debt team

* Mexico’s Findep launches debt tender

* Credito Real prints new US$625m 7NC4

By Mike Gambale and Paul Kilby

NEW YORK, July 13 (IFR) - Below is a recap of primary issuance activity in the LatAm primary market on Wednesday:

Number of deals priced: 2

Total issuance: US$1.772bn


Uruguay filed with the SEC on Wednesday to tap its 4.375% 2027 and 5.1% 2050 bonds. The country, rated Baa2/BBB/BBB-, mandated Barclays, BNP Paribas and JP Morgan as joint bookrunners on the deal. Proceeds will be used for general purposes, including financial investments, refinancing and the repurchase of debt.

IPTs: T+220bp area on tap of 2027, T+290bp area on tap of 2050

GUIDANCE: Uruguay tap of 2027 at 210bp area (+/-5bp), tap of 2050 at 280bp area (+/-5bp)

LAUNCH: US$400m tap of 2027 at T+205bp, US$747m tap of 2050 at T+275bp

PRICED: US$400m tap of 2027: 107.295; 4.375%C; 3.521%Y; T+205bp

US$747m tap of 2050; 102.832: 5.1%C; 4.925%Y; T+275bp


Mexican consumer finance lender Credito Real announced a USD benchmark 7NC4. The senior unsecured bond was sold under a 144A/RegS format and will be rated BB+/BB+ by S&P and Fitch. The listing will be in Luxembourg and the security will be governed by New York law. Proceeds will help fund a tender offer of the 2019 notes. Barclays, Deutsche Bank and Morgan Stanley are acting as leads.

IPTs mid 7% area

GUIDANCE: USD 7NC4 at 7.5% (+/- 1/8)

LAUNCH: US$625m 7NC4 at 7.375%

PRICED: US$625m 7NC4; 99.326; 7.25%C; 7.375%Y


Argentina infrastructure company CLISA has set initial price thoughts of high 9% on a US$300m seven-year non-call four ahead of pricing on Thursday. BCP and Santander are acting as leads on the deal, rated B-/B-.

The bond is being done in conjunction with a cash tender for US$87.106m of outstanding 11.50% notes due 2019.

Mexican state-owned petroleum company Petroleos Mexicanos (Pemex) is marketing a 10-year Samurai at 0.53%-0.57%. Pemex, rated Baa3/BBB+/BBB+, will receive a guarantee for the notes from the Japan Bank for International Cooperation. Pricing is expected as early as this Friday. Mitsubishi UFJ Morgan Stanley, Mizuho and SMBC Nikko are joint lead managers.

Argentine electric utility company Albanesi has picked banks to meet investors as it seeks to market a possible 144A/RegS US dollar bond.

Fixed-income investor meetings started on Wednesday through global coordinators and joint bookrunners Credit Suisse and JP Morgan. UBS has also been selected as a joint bookrunner. Expected ratings are B3/B+ by Moody’s and Fitch.

Argentina’s Banco de Galicia y Buenos Aires has concluded investor meetings through hired Deutsche Bank and JP Morgan as joint bookrunners and Standard Chartered as lead manager. The borrower is expected to announce US dollar-denominated Basel III compliant Tier 2 bond issue as soon as Thursday. The lender is looking to raise up to US$300m through the 10-year bond sale, according to Moody‘s.

The Province of Chubut has hired Bank of America Merrill Lynch and BNP Paribas to arrange a series of investor meetings ahead of a potential US dollar-denominated bond sale. The borrower will visit investors in Europe and the US and wrap up meetings on July 14. It is seeking to raise US$500m through amortizing notes due 2026, according to Moody‘s, which assigned a B3 rating to the issue earlier this month. The notes will be secured by a percentage of hydrocarbon royalties to be paid by the Argentine branch of Pan American Energy to the province, the rating agency said.

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% 2017ss. 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. Petrobras Argentina’s is rated B3 by Moody‘s.

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 had been marketing a US dollar bond, which is expected to be rated BB/BB-.

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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