May 4, 2016 / 8:49 PM / 2 years ago

LATAM CLOSE-Three issuers raise US$2.245bn in LatAm primary

* Gol’s shares soar on debt restructuring plan

* AES Dominicana prints stapled trade

* Panama’s Tocumen bonds jump on break

* CAF returns with US$1.25bn benchmark bond

By Mike Gambale

NEW YORK, May 4 (IFR) - Below is a recap of primary issuance activity in the LatAm market on Wednesday:

Number of deals priced: 3

Total volume: US$2.245bn


The Corporación Andina de Fomento 3yr USD Global benchmark via Bank of America, Barclays, Citigroup and HSBC. SEC Registered. London Listing. Due May 10 2019. Expected Aa3/AA-/AA-

IPT: MS+115bp area

GUIDANCE: 3-year at MS+105bp area (+/-5bp)

LAUNCH: US$1.25bn 3-yr at MS+100bp

PRICED: US$1.25bn 3-yr: 99.991: 2%C; 2.003%Y; MS+100bp; T+109.8bp

BOOK: US$2.2bn


Aeropuerto Internacional de Tocumen, S.A., expected ratings Nr/BBB/BBB, announced a US$625m 20-year senior secured note offering via sole structuring agent Citigroup. 144a/RegS. Amortization: Fully amortizing following 10 year principal grace period (15.9yr WAL). Make-whole call at T+50bp until 12-months prior to maturity.

Security: First priority lien over (i) Issuer’s committed aeronautical and non-aeronautical revenues and the Trustee General Account, and (ii) Debt Payment Account and DSRA established for this issuance. UOP: Proceeds deposited in the CapEx account, net of fees and expenses and Debt Payment Account, DSCR and other reserve account funding. Settlement date T+5.

IPT: 5.75% area

PRICE GUIDANCE: 5.50% area

LAUNCH: US$625m at 5.375%

PRICED: US$625m 5.375% cpn 20-yr (5/11/2036). At 100, yld 5.375%.


AES Dominicana, rated Nr/B+/B+ (-/p/p), announced a US$370m 10yr nc5 senior unsecured note unit offering via Citigroup and Credit Suisse. 144a/RegS.

The deal will consist of two underlying notes. 1) AES Andres B.V. and Dominican Power Partners. US$270m. 10-year nc5.Guaranteed by AES Andres DR, S.A. 2) Empresa Generadora de Electricidad Itabo, S.A. US$100m. 10-year nc5.

Underlying Notes may only be transferred as part of the Notes Units and will not trade separately until the earliest of: (i) an event of default under either of the underlying Notes (ii) a change of control under either of the underlying Notes (iii) a redemption in whole of either note , and (iv) the tender in whole or in part of the underlying Notes.UOP: Repay outstanding bridge, repay outstanding bridge loan and GCP, loan and GCP.

IPTs low to mid 8%s

GUIDANCE: US$370m 10NC5 at 8.375% area (+/-12.5bp)

LAUNCH: US$370m 10NC5 at 8.25%

PRICED: US$370m. Cpn 7.95%. Due 2026 NC5. Ip par. US$97.984. Yld 8.25%. MWC T+50bp.

BOOK: US$850m


Colombia’s Banco de Bogota has hired banks to arrange investor meetings ahead of a potential subordinated bond sale. Banco de Bogota is expected to issue US$1bn through 10-year Tier 2 notes. Rated Ba2 by Moody’s and BBB by Fitch.

The bank has hired Credit Suisse, HSBC and JP Morgan to arrange meetings in London, New York, Los Angeles and Boston between May 3 and May 6.

The Province of Neuquen has started fixed-income investor meetings as it looks to market a US dollar 144A/RegS transaction through Deutsche Bank and JP Morgan.

The borrower wrapped up meetings in London on Wednesday. The offering of bonds, which will by backed gas royalties, is being done in conjunction with an exchange for outstanding 2021.

The Province of Chubut is preparing to sell an up to US$83m New York law bond due in 2023, according to Moody’s, which assigned a B3 rating to the issue on Thursday.

The Province of Mendoza is looking to raise US$300m in both the local and international markets to refinance debt, according to local reports. (Reporting by Mike Gambale; editing by Shankar Ramakrishnan)

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