July 28, 2016 / 9:17 PM / 2 years ago

LATAM CLOSE-One issuer raises US$1bn in LatAm primary

* Trinidad taps demand for EM credits with rare bond

* S&P affirms Petrobras B+ rating, outlook negative

* America Movil to reduce Telekom Austria stake

By Mike Gambale and Paul Kilby

NEW YORK, July 28 (IFR) - Below is a recap of primary issuance activity in the LatAm primary market on Thursday:

Number of deals priced: 1

Total issuance: US$1bn


Republic of Trinidad & Tobago, expected ratings Baa3/A-, announced a US$ benchmark 10-year senior unsecured notes via sole-bookrunner Deutsche Bank. Joint-lead manager First Citizens Bank. 144a/RegS. UOP: General budgetary purposes.

IPT: High 4s

GUIDANCE: 10-year at 4.625% (+/- 1/8)

LAUNCH: US$1bn 10-year 4.5%

PRICED: US$1bn 10-year; par; 4.5%


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 continue investor meetings in 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 are leads. (Reporting by Mike Gambale; editing by Shankar Ramakrishnan)

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