October 21, 2016 / 7:17 PM / 2 years ago

LATAM CLOSE-One issuer raises US$300m in LatAm primary

* BCP prices new three-year bond after amassing US$2bn book

* PDVSA wants investors to tender US$600m more in bond swap

* Moody’s upgrades Petrobras to B2, stable outlook

By Mike Gambale and Paul Kilby

NEW YORK, Oct 21 (IFR) - Below is a recap of primary issuance activity in the Latam primary market on Friday:

Number of deals priced: 1

Total issuance volume: US$300m


Banco de Credito del Peru (BCP), Baa2/BBB+, announced a US$300m 3-year (10/25/2019) senior unsecured note offering via Bank of America Merrill Lynch, Credicorp and JP Morgan. UOP: GCP. Settle: 10/25/2016.

IPTs T+170bp area

GUIDANCE: T+140bp area (+/-2.5bp)

LAUNCH: US$300m 3-year notes at T+137.5bp

PRICED: US$300m 2.25% cpn 3-year 10/25/19. At 99.695, yld 2.356%. T+137.5bp

BOOK: About US$2bn


3 tranches for US$1.45bn


8 tranches for US$4.415bn


99 tranches for US$93.796bn


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

The borrower was 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, has finished roadshow ahead of a possible a USD-denominated benchmark 144A/Reg S 7-year offering. Citigroup and JP Morgan are mandated as global coordinators and joint bookrunners and BNPP, BofAML, Deutsche Bank, and Santander as joint bookrunners. (Reporting by Mike Gambale)

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