October 20, 2016 / 9:32 PM / in 2 years

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

* BCP preps sale of US$300m three-year note

* PDVSA boss slams report of push for bolivar bond payments

By Mike Gambale and Paul Kilby

NEW YORK, Oct 20 (IFR) - Below is a recap of primary issuance activity in the Latam primary market on Thursday:

Number of deals priced: 1

Total issuance volume: US$600m


Enersis Americas SA (ENRSIS), Baa3/BBB/BBB, announced a US$600m (no grow) SEC registered 10-year senior unsecured notes deal. Active bookrunners are BBVA, Citigroup, JPMorgan, Morgan Stanley and Santander.

UOP: Debt repayment, repurchase of shares in connection with the Chilean merger withdrawal rights exercised by Enersis Americas shareholders and GCP. Settlement: T+3 (Oct 25, 2016).

IPT: T+hi 200s area

PRICE GUIDANCE: T+250bp area (+/- 5bp)

LAUNCH: US$600m at T+245bp

PRICED: US$600m 4.0% cpn 10yr (10/25/2026). At 98.364, yld 4.202%. T+245bp. MWC+40bp. 1st pay: 4/25/2017.

BOOK: US$4.8bn


Banco de Credito del Peru (BCP), Baa2/BBB+, announced a US$300m 3-year (10/25/19) senior unsecured note offering via Bank of America Merrill Lynch, Credicorp and JP Morgan. BCP held investor calls on Thursday morning at 10:30am. Pricing is expected to take place on Friday. UOP: GCP. Settle: 10/25/16. IPTs are set at T+170bp area.

Trinidad Generation Unlimited (TGU) started roadshows on Wednesday to market a potential benchmark US dollar bond.

The borrower will be in Los Angeles on Friday, before heading to London on October 24, Boston on October 25 and New York on October 26. Expected ratings for the 144A/RegS senior unsecured note are BBB/BBB-. TGU is the largest energy supplier in Trinidad & Tobago

The Argentine Province of Santa Fe has hired banks to arrange investor meetings in the US and Europe ahead of a potential US$250m bond sale. Meetings will take place in New York on Friday, wrapping up in Boston on October 24. A 144A/Reg S issue is expected to follow. JP Morgan is the global coordinator on the potential sale, joined by Citigroup and HSBC as bookrunners.

LATAM Airlines Group S.A. (“LATAM”, NYSE: LFL), a Chile-based airline group, mandated Citi and JP Morgan as global coordinators and joint bookrunners and BNPP, BofAML, Deutsche Bank, and Santander as joint bookrunners to arrange a series of fixed income investor meetings in Chile, Europe, and the US. A USD-denominated benchmark 144A/Reg S 7-year offering is expected to follow, subject to market conditions. Roadshows wrapped up on Wednesday.

Reporting by Mike Gambale; Editing by Paul Kilby

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