August 4, 2016 / 8:52 PM / 2 years ago

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

* Bancomext brings rare Basel III compliant bond

* Oi refers investor meeting request to bankruptcy judge

* Brazil senate committee clears way for Rousseff’s removal

By Mike Gambale and Paul Kilby

NEW YORK, Aug 4 (IFR) - Below is a recap of primary issuance activity in the LatAm primary market on Thursday:

Number of deals priced: 1

Total issuance: US$700m


Banco Nacional de Comercio Exterior SNC (Bancomext), issue rating Ba1/BBB, announced a US$500m 144A/RegS 10-year non-call 5-year fixed to floating subordinated preferred capital notes (Tier 2). Fixed for the first 5yrs, thereafter reset at then prevailing 5y UST yield plus the initial credit spread. The active bookrunners are BBVA and Credit Suisse. UOP: general business purposes, including for asset and liability management purposes.

IPT: T+337.5bp area

PRICE GUIDANCE: T+312.5bp area (+/- 12.5bp)

LAUNCH: US$700m (upsized from US$500m) at T+300bp

PRICED: US$700m 10NC5 sub Tier 2 note:98.959: 3.8%C; 4.032%Y; T+300bp:

BOOK: US$3.8bn


Argentina’s Province of Chaco has mandated BNP Paribas and UBS to take it on the road to market a dollar bond deal. The borrower will visit accounts in London, Boston and New York between August 4 and 9. The company is considering selling a US$250m bond with a seven-year average life. Ratings are Caa1/B by Moody’s and Fitch.

Reporting by Mike Gambale

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below