17 de enero de 2017 / 22:20 / hace un año

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

* Argentina’s Pampa prints debut bond amid high demand

* Belize creditors reject government offer on bond restructuring

* Colombia’s Tecnoglass revives bond sale

* CAF preps euro bond issue

By Mike Gambale and Paul Kilby

NEW YORK, Jan 17 (IFR) - Below is a recap of primary issuance activity in the LatAm primary market on Tuesday:

Number of deals priced: 1

Total issuance volume: US$750m

PAMPA ENERGIA

Argentine energy company Pampa Energia, benchmark sized 10NC5 bond. Expected ratings B3/B-/B+. Citigroup and Deutsche Bank joint bookrunners, with Credit Agricole and Santander acting as co-managers.

IPTs: Low 8%

GUIDANCE: 7.75% (+/- 1/8)

LAUNCH: US$750m at 7.625%

PRICED: US$750m 10NC5: 99.136: 7.5%C; 7.625%Y - Settlement: Jan 24 2017; Maturity Jan 24 2027

BOOK: Peaked at around US$4bn

PIPELINE

Colombian glass company Tecnoglass has revived its bond sale and is meeting investors this week to market a potential five-year bond with a size of up to US$225m, a source told IFR.

The company roadshowed last year but decided not to issue after markets closed in the wake of Donald Trump’s unexpected victory in the US election on November 8.

Management will in New York this week until Thursday, meeting and talking to accounts on the phone. A bond sale is expected to follow depending on market conditions. Bank of America Merrill Lynch and Morgan Stanley have been mandated as joint bookrunners on the deal, which is expected to be rated Ba3/BB-.

The Nasdaq-listed company manufacturers high-spec glass and windows for commercial and residential construction markets.

Corporacion Andina de Fomento, rated Aa3/AA-/AA- (stable/neg/stable) has mandated BNP Paribas, Citi and HSBC as joint lead managers for a forthcoming EUR benchmark with a five-year maturity.

Guidance is starting at mid-swaps plus low to mid 40bps, with pricing expected on Wednesday.

The Republic of Argentina, rated B3 by Moody’s and B- by S&P, has mandated BBVA, Citigroup, Deutsche Bank, HSBC, J.P. Morgan, and Santander to arrange a series of fixed income investor meetings. A benchmark USD-denominated 144A / Reg S (with registration rights) transaction will follow, subject to market conditions.

Roadshow: Monday, January 16th London, Tuesday, January 17th Boston & L.A., Wednesday, January 18th New York.

The Republic of Chile has announced a peso-denominated 144A/Reg S bond due February 28 2021, with pricing set as early as January 18.

The new bond is a tap of a local instrument that priced last year and will be sold in a Euroclearable format to foreign investors, a source familiar with the deal told IFR.

The structure is similar to what has been done in Mexico, where the sovereign and some corporates such as oil company Pemex have sold domestic bonds that can be settled in both Euroclear and locally.

The security carries a 4.5% annual coupon, accruing from the issuance date of September 1 2016. The deal is governed by Chilean law and is listed on the Santiago Stock Exchange.

Bookrunners are BNP Paribas, Citigroup, Goldman Sachs and JP Morgan. Local currency ratings are Aa3/AA/AA-. The bond is being led by BNP Paribas, Citigroup, Goldman Sachs and JP Morgan. The country’s local currency ratings are Aa3/AA/AA-.

Metro de Santiago is marketing a 30-year bond issue through Bank of America Merrill Lynch and JP Morgan.

Roadshows ended in Boston on Tuesday. Expected ratings are A+/A by S&P and Fitch. The new 30 year may carry an optional redemption before maturity.

Brazilian power company Neoenergia is considering a possible US dollar bond debut this year after sending out requests for proposals in late 2016, two market sources told IFR.

Neoenergia Group’s principal shareholders are Banco do Brasil’s pension fund Previ, with a 49.01% stake, and Spain’s Iberdrola with a 39% stake, according to the company’s website.

Paraguay is considering raising up to US$550m in the bond market in March, Reuters quoted Finance Minister Santiago Pena saying.

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. (Reporting by Mike Gambale; Editing by Paul Kilby)

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