2 de agosto de 2016 / 21:22 / hace un año

LATAM CLOSE-One issuer raises US$700m in LatAm primary

NEW YORK, Aug 2 (IFR) - Below is a recap of primary issuance activity in the LatAm primary market on Tuesday:

Number of deals priced: 1

Total issuance: US$700m

EMPRESA NACIONAL DE PETROLEO

Empresa Nactional de Petroleo (ENAP), Baa3/BBB-/A, announced a US$700m (no grow) 144A/RegS 10-year senior unsecured notes. The active bookrunners are Citigroup and JPMorgan. UOP: Liability management and GCP. Settle: T+3.

IPT: T+high 200s

PRICE GUIDANCE: T+250bp area (+/- 10bp)

LAUNCH: US$700m at T+240bp

PRICED: US$700m 3.75% cpn 10yr (8/05/2026). At 98.353, yld 3.951%. T+240bp.

BOOK: Hearing US$3.5bn

NIC: 6bp (vs 2024s at G+230bp; add 4bp for extension. FV: 234bp)

Comp:

2024s at G+230bp

PIPELINE:

BANCOMEXT

Mexican development bank Banco Nacional de Comercio Exterior (Bancomext) has mandated BBVA and Credit Suisse to take it on the road to market a US dollar 10NC5 subordinated preferred Tier 2 capital note.

The borrower will conduct a one-day roadshow on August 3 when five teams will target accounts in New York, London, Boston, Los Angeles and Mexico. Expected ratings are Ba1/BBB by Moody’s and Fitch. The bank itself is rated A3/BBB+/BBB+. (Reporting by Mike Gambale; editing by Shankar Ramakrishnan)

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