August 3, 2016 / 9:27 PM / 2 years ago

LATAM CLOSE-One issuer raises US$1bn in LatAm primary

* Vale returns to bond market with new 10-year

* Province of Chaco preps roadshows

* PDVSA sinks following minister’s departure

By Mike Gambale and Paul Kilby

NEW YORK, Aug 3 (IFR) - Below is a recap of primary issuance activity in the LatAm primary market on Wednesday:

Number of deals priced: 1

Total issuance: US$1bn


Vale Overseas Limited (VALEBZ), Ba3/BBB-/BBB, announced a US$ benchmark SEC registered 10-year senior unsecured notes. Joint Books: BB Securities / BNP Paribas / Bradesco BBI / Citi / Morgan Stanley (B&D). The notes are guaranteed by Vale S.A. Optional Redemption: Make Whole Call. Use of Proceeds: Pay part of the redemption price of the 6.250% notes due 2017.

IPT: low to mid 6%

LAUNCH: US$1bn at 6.25%


BOOK: US$3bn


Mexican development bank Banco Nacional de Comercio Exterior (Bancomext) has mandated BBVA and Credit Suisse to take it on the road to market a US dollar 10NC5 subordinated preferred Tier 2 capital note.

The borrower conducted a one-day roadshow on Wednesday when five teams targeted accounts in New York, London, Boston, Los Angeles and Mexico. Expected ratings are Ba1/BBB by Moody’s and Fitch. The bank itself is rated A3/BBB+/BBB+.


Argentina’s Province of Chaco has mandated BNP Paribas and UBS to take it on the road to market a dollar bond deal. The borrower will visit accounts in London, Boston and New York between August 4 and 9. The company is considering selling a bond with a seven-year average life. (Reporting by Mike Gambale; editing by Shankar Ramakrishnan)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below