May 9, 2016 / 8:52 PM / 2 years ago

LATAM CLOSE-One issuer raises US$600m in primary market

* Banco de Bogota prints Tier 2 sub debt deal

* Brazil bonds sell off on impeachment delays

* Brazil’s Caixa dismisses need for capital injection - CFO

* EIG submits bid for Pacific Exploration

By Mike Gambale and Paul Kilby

NEW YORK, May 9 (IFR) - Below is a recap of primary issuance activity in the LatAm market on Monday:

Number of deals priced: 1

Total issuance: US$600m


Banco de Bogota S.A. (BANBOG), esp issue rating Ba2/BBB, announced a US$ benchmark 144A/RegS (w/o reg rights) 10-year Tier 2 subordinated unsecured notes. The active bookrunners are Credit Suisse, HSBC and JPMorgan. UOP: GCP.

IPT: mid 6% area

PRICE GUIDANCE: 6.50% area (+/- 12.5bp)

LAUNCH: US$600m at 6.50%

PRICED: US$600m 6.25% cpn 10yr (5/12/2026). At 98.183, yld 6.50%.

BOOK: US$1.3bn

NIC: 37.5-50bp


Argentina’s Province of Mendoza has mandated Citigroup and Credit Suisse to take it on the road this week and next as it seeks to market a potential US dollar 144a/RegS bond among international investors.

The Province is looking to raise US$300m in both the local and international markets to refinance debt, according to local reports. The borrower was in Los Angeles on Monday, and will head to Boston on May 10 and New York on May 11. Ratings are B2/B- by Moody’s and S&P. 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. (Reporting by Mike Gambale; editing by Shankar Ramakrishnan)

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