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By Paul Kilby and John Balassi
NEW YORK, May 12 (IFR) - Citigroup has revived a bond sale for Panama’s Tocumen Airport that did not settle as planned after pricing last week, according to two market sources.
The bank is marketing the May 2036 bond issue at a yield of 5.625%, wide to the 5.375% at which the original deal priced on May 4. That deal failed to settle as planned on Wednesday.
Tocumen has announced a minimum size of US$500m for the revived bond sale, compared to the US$625m of the May 4 trade.
Sole lead manager Citigroup told investors in an email seen by IFR on Wednesday that the company was “evaluating appropriate next steps” but did not offer an explanation on why the May 4 deal had been effectively canceled. (Reporting by Paul Kilby and John Balassi; Writing by Davide Scigliuzzo; Editing by Jack Doran)