November 1, 2016 / 9:17 PM / 2 years ago

LATAM CLOSE-Banco Macro raises US$400m in 10NC5 bonds

NEW YORK, Nov 1 (IFR) - Below is a recap of issuance activity in the LatAm primary market on Tuesday.

Number of deals priced: 1

Size: US$400m


Argentina’s Banco Macro announced a US dollar denominated, subordinated T2 10NC5 bond. Goldman Sachs and UBS are acting as bookrunners on the deal, which is expected to be rated Caa1/B-.

IPTs: 7% area

GUIDANCE: Tier 2 10NC5 at 6.875% (+/-12.5bp)

LAUNCH: US$400m 10NC5 Tier 2 at 6.75%

PRICED: US$400m 10NC5 Tier 2 bond: par; 6.75%Y- Settlement: Nov 4 2016; Maturity: Nov 4 2026

BOOK: US$900m


Argentina’s Province of Entre Rios started roadshows this week ahead of a possible US dollar bond. The borrower was in Boston on Tuesday and will head to New York on November 2. Citigroup, HSBC and Santander will organize investor meetings. Expected ratings are B-/B by S&P and Fitch.

Argentine E&P company Compania General de Combustibles has set initial price thoughts of mid 9% on a US$300m 5NC3 bond ahead of expected pricing on Wednesday.

This comes after the company extended the offering period by another day until November 2, according to a local filing. The issuer had been scheduled to finish international roadshows on October 28 after visiting accounts in London, New York, Switzerland and Boston.

Bank of America Merrill Lynch, Citigroup and Itau are international bookrunners on the deal, which is expected to be rated B-/B by S&P and Fitch. Proceeds will go to pay down debt, as well as cover capex and working capital. (Reporting by Mike Gambale; Editing by Paul Kilby)

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