13 de septiembre de 2016 / 21:27 / hace un año

LATAM CLOSE-One issuer raises US$4bn in LatAm primary market

* PDVSA confirms 2017 bond swap offer

* Pemex returns with bond sale, liability management trade

* Brazil’s Ouro Verde picks banks to market US dollar bond

By Mike Gambale

NEW YORK, Sept 13 (IFR) - Below is a recap of primary issuance activity in the LatAm market on Tuesday:

Number of deals priced: 1

Total issuance: US$4bn


Petróleos Mexicanos (PEMEX), Baa3/BBB+/BBB+, announced a US$ benchmark 144A/RegS w/ reg rights 2-part senior unsecured notes that include a 7-year (2023) and 31-year (2047). Active bookrunners: Barclays / Citi (B&D) / HSBC / MUFG / Natixis. Guarantors: Pemex Exploración y Producción, Pemex Transformación Industrial, Pemex Perforación y Servicios, Pemex Logística, Pemex Cogeneración y Servicios. Use of Proceeds: Fund concurrent cash tender offer, transaction fees and expenses for concurrent cash tender offer and exchange offer, finance investment program.

IPTS: 7yr 4.75% area, 31yr 6.75% area

PRICE GUIDANCE: 7yr 4.75% (+/- 12.5bp), 31yr 6.75% (#)

LAUNCH: US$4bn 2-part. US$2bn 7yr at 4.625%, US$2bn 31yr at 6.75%

PRICED: US$4bn 2-part total.

- US$2bn 4.625% cpn 7yr (9/21/23). At 100, yld 4.625%.

- US$2bn 6.75% cpn 31yr (9/21/47). At 100, yld 6.75%.


Ouro Verde Locacao e Servicio will start roadshows this week to market a possible US dollar 144A/RegS bond.

The company will be in London on September 14-15, and Switzerland on September 16.

The following week it will head to Los Angeles on September 19, Boston on September 20 and 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 is marketing a new US dollar 10-year senior unsecured bond, according to market sources. The roadshow finished Monday in New York and Los Angeles. Expected ratings are BBB+/BBB+. Bank of America Merrill Lynch, Citigroup and Credit Suisse have been mandated as leads.

Argentina’s YPF (B3/NR/B) has mandated Credit Suisse and UBS to arrange fixed-income meetings in Switzerland on September 12-13. A potential debut Swiss franc unsecured debt offering may follow.

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

Bankers has started 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 will be London on Wednesday, Boston on Thursday and Los Angeles on Friday. Roadshows will wrap up in New York on September 19 ahead of expected pricing. 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 mandated BB Securities, Bradesco, Itau, JP Morgan and Santander to organize a series of fixed-income investor meetings. A US dollar-denominated 144A/Reg S senior unsecured bond issue with intermediate to long maturity is expected to follow, subject to market conditions. The meetings finished in New York, Chicago and Boston on Tuesday.

The Brazilian food company has launched a tender offer targeting about US$291m in outstanding 2020 and 2022 bonds. The borrower is offering a purchase price of 112.75 on the 7.25% 2020s and 110.50 on the 5.875% 2022s. BNP Paribas, BTG Pactual and HSBC are acting as dealer managers on that offer, which expires on September 14. (Reporting by Mike Gambale; editing by Shankar Ramakrishnan)

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