18 de marzo de 2016 / 18:53 / en 2 años

LATAM CLOSE-YPF taps LatAm primary market for US$1bn

* YPF prints US$1bn five-year bond

* Entel share plans boost bond prices

* Usiminas signs standstill with banks

* Argentina garners more holdout settlements

By Mike Gambale and Paul Kilby

NEW YORK, March 18 (IFR) - Below is a recap of primary issuance in the LatAm primary market on Friday:

Number of deals expected to price: 1

Total issuance volume expected: US$1bn


Argentina oil company YPF announced a new five-year bond. The state-controlled entity selected Credit Suisse, JP Morgan and HSBC to lead the 144A/RegS deal, which is expected to be rated Caa1/CCC+.

IPTs: 8.875% area

GUIDANCE: 5-year at 8.75% area (+/- 12.5bp)

LAUNCH: US$1bn 5-year at 8.5%

PRICED: US$1bn 5-year at par to yield 8.5% - Settlement: March 23 2016, Maturity: March 23 2021.

BOOK: North of US$3bn


Raizen Energy launched a cash tender offer on its 7% due 2017 notes, according to a regulatory statement. The Brazilian company plans to buy up to US$200m of the outstanding US$400m notes. Raizen is seeking to buy the bonds back at 100.25, with a US$30 early bird incentive added. The early deadline is March 4, with the final deadline on March 18. Citigroup, Credit Agricole and JP Morgan are the dealer arrangers.

Argentina will sell US$11.68bn worth of 5-, 10- and 30-year bonds under U.S. law in mid April if Congress swiftly approves a debt deal for holdout creditors, top finance ministry officials told Congress on Friday.

Finance Secretary Luis Caputo told lawmakers who will debate the debt agreement that the bonds would carry an interest rate in the region of 7.5%.

Colombia has mandated BBVA, Goldman Sachs and JP Morgan to organize meeting with fixed-income investors in Europe to discuss opportunities in the capital markets this year.

Finance Minister Mauricio Cardenas will attend the meetings, which start on March 8 in London. Discussions continue in Germany on March 9, the Netherlands on March 10 and in London again on March 11. Ratings are Baa2/BBB/BBB (stable/negative/stable) by Moody‘s, S&P and Fitch.

The Province of Mendoza is looking to raise US$300m in both the local and international markets to refinance debt, according to local reports.

Neuquen province is contemplating a bond issue.

The United Mexican States has filed an up to US$10bn debt shelf with the US Securities and Exchange Commission. Proceeds will be used for general purposes, including refinancing and the repurchase of debt.

Argentine E&P company Medanito has wrapped up roadshows ahead of a possible transaction through Itau and UBS. Expected rating is CCC+ by Fitch.

Concesion Pacifico Tres, a toll-road concession in Colombia, wrapped up a roadshow through Goldman Sachs. The company is looking to raise up to US$272m of bonds, according to Fitch, which has rated the senior secured bonds BBB-.

Pacifico Tres is jointly owned by Construcciones El Condor SA, Mario Alberto Huertas Cotes, and Constructora MECO SA. Banca de Inversion is acting as its financial advisor.

Argentina utility Pampa Energia’s shareholders have approved a US$500m debt program.

Uruguay plans to raise up to US$1.5bn in bonds this year.

Fomento Economico Mexicano, S.A.B. de C.V. (FEMSA), rated A- and A by S&P and Fitch, respectively, has mandated BBVA, Credit Suisse and Deutsche Bank to arrange a series of fixed income investor meetings in Europe.

The investor meetings are expected to take place in the week commencing March 7 2016. A euro-denominated bond transaction may follow subject to market conditions. (Reporting By Michael Gambale; editing by Shankar Ramakrishnan)

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