19 de julio de 2016 / 21:07 / en un año

CORRECTED-LATAM CLOSE-One issuer raises US$650m in LatAm primary

(CORRECTS Fitch’s rating of Bolivia to BB- in last para)

* Argentina Province of Chubut prints US$650m 10-year amortizer

* Albanesi set guidance of high 9% area on new 7NC4

* S&P revises Honduras credit outlook to positive

* Fitch maintains rating watch negative on Banco de Bogota

By Mike Gambale

NEW YORK, July 19 (IFR) - Below is a recap of primary issuance activity in the LatAm primary market on Tuesday:

Number of deals priced: 1

Total issuance: US$650m


Argentina’s Province of Chubut announced a USD benchmark 10-year amortizing bond. The deal, which has a 7.1 year average life, is backed by oil and gas royalties paid by Pan American Energy directly to a trust. The 144A/RegS bond is expected to be rated B3/B Moody’s and Fitch.

Amortizations are quarterly starting after year four. Proceeds are to repay existing debt and for infrastructure investments. Bank of America Merrill Lynch and BNP Paribas are acting as bookrunners, while Puente Corredor de Bolsa and UBS are acting as co managers.

GUIDANCE: 10-year amortizer at 7.875% (+/-12.5bp)

LAUNCH: US$650m 10-year amortizer at 7.75%

PRICED: US$650m 10-year amortizer: par; 7.75%Y - Settlement July 26 2016; Final Maturity: July 26 2026


Argentine electric utility company Albanesi has set initial price thought of high 9% area on a US$250m 7NC4 ahead of pricing on Thursday. The 144A/Reg S US dollar bond is expected to be rated B3/B+ by Moody’s and Fitch.Credit Suisse and JP Morgan are acting as global coordinators, while UBS has come in as a joint bookrunner.

Argentine power company Pampa Energia has hireed 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.

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 Ba3/BB/BB- by Moody‘s, S&P and Fitch. (Reporting by Mike Gambale; editing by Shankar Ramakrishnan)

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