* Ecuador makes fourth bond foray in months
* Mexican peso at record low on Trump uncertainty
* BAML estimates Argentina will raise US$34bn this year
By Mike Gambale
NEW YORK, Jan 10 (IFR) - Below is a recap of primary
issuance activity in the LatAm primary market on Tuesday:
Number of deals priced: 1
Total issuance volume: US$1bn
REPUBLIC OF ECUADOR
The Republic of Ecuador is readying a tap of its 9.65% 2026
bonds. Citigroup is acting as sole lead on the transaction. The
country is rated B/B by S&P and Fitch.
IPT: Low to mid 9%
GUIDANCE: Tap of 2026 bond at 9.25% (+/- 1/8)
LAUNCH: US$1bn tap of 2026 bond at 9.125%
PRICED: US$1bn tap of 2026: 103.36; 9.65%C; 9.125%Y
Metro de Santiago is marketing a 30-year bond issue through
Bank of America Merrill Lynch and JP Morgan.
The borrower will be London on January 11, New York on
January 12 and 13 and Boston on January 17. Investor calls will
also be held on January 16. Expected ratings are A+/A by S&P and
Fitch. The new 30 year may carry an optional redemption before
Argentine energy company Pampa Energia kicked off roadshows
this week as it looks to market a new US dollar bond.
The borrower will be in New York on January 11 and 12, in
Los Angeles on January 13 and in London on January 16. The
company is looking to raise up to US$500m size and considering
tenors of five, seven or 10 years.
Expected ratings are B3/B-/B+. Citigroup and Deutsche Bank
are acting as joint bookrunners, with Credit Agricole and
Santander acting as co-managers.
Aeropuertos Dominicanos Siglo XXI (Aerodom), an airport
operator in the Dominican Republic, is marketing a new US dollar
bond that will fund a tender and consent solicitation for
The borrower will end roadshows in New York on January 11.
JP Morgan and Scotiabank have been mandated as joint bookrunners
to arrange meetings. Expected ratings are BB-/Ba3 by S&P and
Proceeds will go to fund a tender and consent solicitation
for Aerodom's 9.25% senior secured notes due 2019 and for
general corporate purposes.
Brazilian power company Neoenergia is considering a possible
US dollar bond debut this year after sending out requests for
proposals in late 2016, two market sources told IFR.
Neoenergia Group's principal shareholders are Banco do
Brasil's pension fund Previ, with a 49.01% stake, and Spain's
Iberdrola with a 39% stake, according to the company's website.
Brazilian bioenergy company Raizen started fixed-income
investor meetings this week to market a possible US dollar bond.
The borrower will visit accounts in London, New York and Boston
between January 9 and 11.
Expected ratings are BBB-/BBB by S&P and Fitch. Bank of
America Merrill Lynch, Bradesco, Citigroup, JP Morgan and
Santander have been mandate to coordinate roadshows.
The Republic of Honduras, rated B2/B+, has hired Bank of
America Merrill Lynch and Citigroup for a US dollar bond
roadshow, a bank on the deal told IFR.
This week, the borrower will visit investors in Los Angeles,
Boston and New York, where it will end marketing for the deal on
Argentina power company Genneia is marketing a US dollar
bond with an intermediate tenor through Bank of America Merrill
Lynch, Itau and JP Morgan.
This week, the company will be in New York, Boston and Los
Angeles, where it will end investor meetings on January 11.
Ratings are expected to be B3/B+ by Moody's and Fitch.
Brazilian pulp and paper company Fibria Celulose is
roadshowing an SEC registered senior unsecured 2027 US dollar
denominated Green bond.
The borrower ended roadshows in New York and Boston on
Tuesday. BNP Paribas, Bank of America Merrill Lynch, Citigroup,
HSBC and JP Morgan have been mandated to arrange the investor
meetings. Ratings are BBB-/BBB- (negative/stable) by S&P and
Argentina's Finance Minister Luis Caputo said last month
that the administration was considering tapping the debt markets
in January, according to Reuters. Local press have been
reporting that the sovereign is looking at an up to US$10bn
deal. The country needs US$22bn of debt financing this year,
plus an additional US$21bn for refinancing needs, Caputo said.
Paraguay is considering raising up to US$550m in the bond
market in March, Reuters quoted Finance Minister Santiago Pena
Inversiones Atlantida, the largest financial group in
Honduras, has finished roadshows to market a potential debut US
dollar bond through Oppenheimer. Expected ratings are B/B by S&P
Argentina's Province of Entre Rios has finished roadshows
ahead of a possible US dollar bond. Citigroup, HSBC and
Santander organized investor meetings. Expected ratings are B-/B
by S&P and Fitch.
Colombian glass company Tecnoglass has wrapped up investor
meetings ahead of an up to US$225m debut dollar bond with a
tenor of between five and seven years.
Expected ratings are Ba3/BB- by Moody's and Fitch. Bank of
America Merrill Lynch and Morgan Stanley have been mandated as
(Reporting by Mike Gambale; Editing by Paul Kilby)