December 8, 2016 / 9:07 PM / 2 years ago

LATAM CLOSE-One issuer raises US$750m in LatAm primary

* Ecuador bond three times covered

* Mexico inflation highest since 2014 in Nov; rate hike seen

* S&P downgrades El Salvador to B minus

* Brazil’s Camargo may sell Loma Negra stake: source

By Mike Gambale

NEW YORK, Dec 8 (IFR) - Below is a recap of primary issuance activity in the US LatAm market on Thursday:

Number of deals priced: 1

Total issuance volume: US$750m


The Republic of Ecuador, rated -/B/B, announced a US$ benchmark 10-year senior unsecured note offering via sole-bookrunner Citigroup. 144a/RegS UOP: Limited by the Public Planning and Finance Code. Settlement date 12/13/2016.

IPT: Low 10%

GUIDANCE: 9.875% area (+/- 12.5bp)

FINAL GUIDANCE: US$750m 10-year at 9.75% area (+/-10bp)

LAUNCH: US$750m at 9.65%

PRICED: US$750m. Cpn 9.65%. Due 12/13/2026. Ip par. Yld 9.65%.

BOOK: US$2.25bn

NIC: 5bp (vs. 7.95% ‘24s at 9.40%, add 20bp for maturity extension, FV=9.60%)


7.950% June 20, 2024 at bid of 9.40%


Inversiones Atlantida, the largest financial group in Honduras, has finished roadshows to market a potential debut US dollar bond through Oppenheimer. Expected ratings are B/B by S&P and Fitch.

Argentina’s Province of Entre Rios has finished roadshows ahead of a possible US dollar bond. Citigroup, HSBC and Santander organized investor meetings. Expected ratings are B-/B by S&P and Fitch.

Colombian glass company Tecnoglass has wrapped up investor meetings ahead of an up to US$225m debut dollar bond with a tenor of between five and seven years.

Expected ratings are Ba3/BB- by Moody’s and Fitch. Bank of America Merrill Lynch and Morgan Stanley have been mandated as joint bookrunners. (Reporting by Mike Gambale; Editing by Marc Carnegie)

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