October 27, 2016 / 9:47 PM / 2 years ago

LATAM CLOSE-One issuer raises US$600m in LatAm primary

* Banco de Bogota set to price Friday

* Trinidad’s TGU makes bond debut

* Venezuela credit constraints remain after PDVSA swap: Fitch

By Mike Gambale

NEW YORK, Oct 27 (IFR) - Below is a recap of primary issuance activity in the LatAm market on Thursday:

Number of deals priced: 1

Total issuance volume: US$600m


Trinidad Generation Unlimited (TGU) announced an 11-year amortizing bond that will be used to repay a US$600m syndicate bridge facility maturing in July 2017. Expected ratings BBB/BBB-. Ten-year average life amortizing in six equal semi-annual installments over last three years of its life. Settle: 11/4/16

Credit Suisse and Scotiabank are acting as joint book-running managers, while RBC Capital Markets is a bookrunner.

IPTs: T+400bp area

GUIDANCE: T+375bp area (+/- 12.5bp)

LAUNCH: US$600m at T+362.5bp

PRICED: US$600m 5.25% cpn 11-yr (11/04/27). At 98.32, yld 5.475%. T+362.5bp


Banco de Bogota SA, issue rating Ba2/BBB-, announced a US$ tap of its 6.25% 5/12/26 subordinated Tier 2 notes expected to price on Friday. Active books: CS, HSBC and JPM. IPTs: 6.25% area

Argentina’s Banco Macro (B3/-/B) mandated Goldman Sachs and UBS as joint books and Macro Securities as local placement agent for investor meetings that began October 25.

An up to US$400m 144A/Reg S Basel III-compliant T2 ten-year noncall five, rated Caa1 by Moody’s and B- by Fitch, may follow.

Roadshow: Oct 25 (London), Oct 26 (New York), Oct 27 (Boston), Oct 28 (Los Angeles), Oct 31 (New York).

Argentina’s Compania General de Combustibles has started roadshows to market a possible US dollar bond through Bank of America Merrill Lynch, Citigroup and Itau.

Roadshow: Oct 25 (London), Oct 26 (New York), Oct 27 (Boston), Oct 28 (New York). Expected ratings B-/B by S&P and Fitch.

Reporting by Mike Gambale; Editing by Paul Kilby

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