20 de septiembre de 2016 / 19:17 / en un año

LATAM CLOSE- One Latam issuer raises US$1bn

* State of Rio de Janeiro defaults on IADB debt

* Votorantim hires banks for USD benchmark

* Brazil’s inflation likely near 9% in mid-Sept

By Mike Gambale

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

Number of deals priced: 1

Total issuance: US$1bn


Latin American development bank Corporacion Andina de Fomento (CAF) is out with a new five-year bond. The Global SEC registered bond will mature on September 27 2021. Ratings on senior unsecured issue: Expected Aa3/AA-/AA-.

The bonds will be listed on the London Stock Exchange and governed by New York law. Proceeds are going toward funding lending operations. Barclays, Bank of America Merrill Lynch, Citigroup and HSBC are acting as bookrunners.

IPTs: MS+105bp area


LAUNCH: US$1bn five-year at MS+95bp

PRICED: US$1bn 5-year: 99.811; 2.125%C; 2.165%Y; MS+95bp

BOOK: About US$1.3bn


Argentina’s Municipality of Cordoba will start roadshows this week to market a possible US dollar bond. The borrower will be in Switzerland, Boston and Santiago on Tuesday, and will wrap up meetings in London and New York on Wednesday.

The proposed issue has received B3/B ratings from Moody’s and Fitch. The municipality is looking to issue up to US$150m through a fixed-rate amortizing bond, according to the rating agencies. Santander will act as lead on the transaction.

Mexican financing and leasing company Unifin started international roadshows this week in an effort to market a new US dollar denominated bond. The borrower was in Switzerland and Los Angeles on Monday, and will head to London and Boston on September 20 and New York on September 21. Expected ratings are BB/BB by S&P and Fitch. Citigroup, Credit Suisse and UBS have been mandated as joint bookrunners.

The Republic of Peru has started roadshows in the US and Europe to market a local currency bond sale to international investors. Fixed-income investor meetings will take place between September 19 and 23, stopping in New York, Los Angeles, Boston, London and Frankfurt. BBVA, Bank of America Merrill Lynch and HSBC have been mandated to arrange the meetings. Ratings are A3/BBB+/BBB+.

Ouro Verde Locacao e Servicio is meeting investors to market a possible US dollar 144A/RegS bond. The company was in Los Angeles on Monday and will head to Boston on September 20 before wrapping up in New York on September 21. The Brazilian company, rated BB-/BB-, leases heavy equipment, machinery and fleets of light vehicles. Bradesco, Santander and Scotiabank are organizing roadshows.

Mexico’s Banco Inbursa has finished marketing a new US dollar 10-year senior unsecured bond, which is expected to be rated BBB+/BBB+. Bank of America Merrill Lynch, Citigroup and Credit Suisse have been mandated as leads.

JSL, a logistics services provider operating in Brazil, has wrapped up roadshows on a possible 144A/Reg S senior unsecured US dollar bond. BB Securities, Bradesco BBI, Morgan Stanley and Santander have been mandated on the deal. Ratings are BB/BB by S&P and Fitch.

Bankers are marketing a Green bond to help fund the construction and operation of Mexico City’s new international airport. The bond, which is being issued through a special purpose trust, is expected to be the first of up to US$6bn of such trades, allowing the borrower to create an extensive curve over time. Bondholders will be paid through cash flows collected from passenger charges from the current airport and the new Mexico City International Airport (NAICM) that will start operations in 2020.

The issuer wrapped up roadshows in New York on Monday. Citigroup, HSBC and JP Morgan are acting as global coordinators, while BBVA and Santander are coming in as joint bookrunners. Expected ratings are Baa1/BBB+/BBB+.

Brazil’s BRF GmbH, a wholly owned subsidiary of BRF SA, (rated Ba1/BBB/BBB) has finished roadshows organized by BB Securities, Bradesco, Itau, JP Morgan and Santander.

A US dollar-denominated 144A/Reg S senior unsecured bond issue with intermediate to long maturity is expected to follow, subject to market conditions.

Votorantim Cimentos (rated Ba2 /BB+/BBB-) has mandated Banco Votorantim, BofA Merrill Lynch, Citigroup, HSBC, J.P. Morgan and Santander to arrange a series of fixed income investor meetings in Europe and the United States, commencing on September 22, 2016.

A benchmark USD144A/Reg S senior notes offering with intermediate maturity may follow, subject to market conditions and results of a concurrent tender offer.

The roadshow starts in Switzerland on Sep 22 and continues in London on Sep 23. The tender is for cash and is targeting the following outstanding EUR notes: EUR559.7m 3.250% 2021s. (Reporting by Mike Gambale; editing by Shankar Ramakrishnan)

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