July 21, 2016 / 9:02 PM / 2 years ago

LATAM CLOSE-Brazil returns to dollar markets with 30-year bond

* Brazil trade nearly 3 times covered

* Trinidad preps roadshows ahead of debt sale

* Odebrecht Peru deal hits snags as banks fret over US$4.1bn loan

By Mike Gambale

NEW YORK, July 21 (IFR) - Below is a recap of primary issuance activity in the LatAm primary market on Thursday:

Number of deals priced: 1

Total issuance: US$1.5bn


Brazil announced a long-30 year Global bond via bookrunners Deutsche Bank, Goldman Sachs and HSBC. Issuer ratings are Ba2/BB/BB with negative outlook from all three major rating agencies.

IPTs very low 6%

GUIDANCE: Long 30-year at 5.90% (+/-2.5bp)

LAUNCH: US$1.5bn long 30-year at 5.875%

PRICED: US$1.5bn long 30-year (Feb 21 2047): 96.464; 5.625%C; 5.875%Y

BOOK: US$4.3bn


The Republic of Trinidad & Tobago has hired Deutsche Bank and First Citizens Bank to arrange an investor roadshow ahead of a potential 10-year US dollar bond offering.

The fixed-income investor meetings will begin on Monday in Los Angeles and London. Further meetings will take place in New York and London on Tuesday and New York and Boston on Wednesday. The country is rated Baa3 by Moody’s and A- by S&P.

Chilean state-owned oil company Empresa Nacional de Petroleo (ENAP) will start roadshows next week to market a possible USD 10-year bond as part of a tender for notes maturing in 2019, 2020 and 2021.

The company, rated Baa3/BBB-/A, will be in Santiago on July 25 and then will head to London and Los Angeles on July 28, New York and Boston on July 29 and New York on August 1.

In conjunction, the company has also launched a tender for its outstanding 6.25% 2019s, 5.25% 2020 and 4.75% 2021s. Citigroup and JP Morgan have been mandated as leads on the trade. (Reporting by Mike Gambale; editing by Shankar Ramakrishnan)

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