April 20, 2016 / 8:42 PM / 2 years ago

LATAM CLOSE-One issuer raises US$500m in LatAm primary market

* Argentina’s new bonds rally in secondary

* Costa Rica’s BNCR prints Green bond

* S&P cuts Odebrecht Oil & Gas to D on missed perp payment

* Ecuador eyes bond sale after quake - Correa

By Mike Gambale and Paul Kilby

NEW YORK, April 20 (IFR) - Below is a recap of primary issuance activity in the LatAm market on Wednesday:

Number of deals priced: 1

Total volume: US$500m


Banco Nacional de Costa Rica, Ba1/BB+ (Moody’s/Fitch), announced a US$500m 5-year senior unsecured green bond via Bank of America and JPMorgan. 144a/RegS. UOP: Proceeds will be used solely to fund, in whole or in part, the financing of, or investments in, Eligible Green Projects as described under the “Use of Proceeds” section of the Offering Memorandum. Settlement date T+3.

IPT: 6.50% area

GUIDANCE: US$500m 5yr at 6.125% (+/- 1/8)

LAUNCH: US$500m 5yr at 5.95%

PRICED: US$500m 5yr: 99.68; 5.875%C; 5.95%Y; Settlement April 25 2016, Final Maturity: April 25 2021.

BOOK: US$2.75bn


Mexican frozen food company Sigma Alimentos, rated Baa3/BBB/BBB, will start roadshows this week through Bank of America Merrill Lynch and JP Morgan as it seeks to market a USD 144A/RegS bond.

The company was in Boston, London and Chicago on April 20, in New York on April 21 and in New York and Los Angeles on April 22.

Colombia’s Grupo Sura has mandated Bank of America Merrill Lynch and JP Morgan to take it on the road ahead of a possible USD 144A/RegS bond.

The financial services company, rated BBB/BBB by S&P and Fitch, was in Boston and Los Angeles on Wednesday, and will head to New York and Los Angeles on Thursday and in New York on Friday.

Peruvian agricultural company Camposol mandated Bank of America Merrill Lynch and JP Morgan to manage a liability management transaction. The company has launched an offer to exchange all the outstanding 9.875% senior 2017s for a new 10.50% senior secured 2021.

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.

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

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. (Reporting By Michael Gambale; editing by Shankar Ramakrishnan)

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