NEW YORK, Feb 6 (IFR) - Below is a recap of primary issuance
activity from Latin America on Monday.
Number of deals priced: 2
Total issuance volume: US$1.1bn
Compania Latinoamericana de Infraestructura y Servicios
(CLISA) announced a US$100m tap of its 9.5% 2023 bonds.
Bookrunners BCP Securities and Santander. The company issued
US$200m of the notes in July last year, pricing them at 98.753
to yield 9.75%. Ratings are B-/B-.
IPTs: high 9%
GUIDANCE: 9.80% area
LAUNCH: US$100m tap of 9.5% 2023s at 9.80%
PRICED: US$100m tap of 9.5% 2023: 98.58; 9.80%Y
Vale Overseas Limited, Ba2/BBB-/BBB, announced a US$
benchmark SEC registered tap of the 6.25% 8/10/26 (US$1bn
outstanding) senior unsecured notes. Joint Bookrunners: BB
Securities/Bradesco BBI/J.P.Morgan/MUFG/Santander. The notes are
guaranteed by Vale S.A. Use of Proceeds: Refinance 4.375%
EUR-denominated notes due 2018 and GCP.
IPT: 5.45% area
LAUNCH: US$1bn at 5.20% yield
PRICED: US$1bn tap 6.25% 8/10/26. At 107.793, yld 5.20%.
NIC: 4bp (vs. 6.25% '26s at 5.158%)
COMPS: VALEBZ 6.250% August 10, 2026 at 5.158% YTM
The Province of Buenos Aires is readying fixed-income
investors meetings as it prepares to market a US dollar bond
sale. The borrower was in New York and London on February 6 and
will head to New York and Boston on February 7. Ratings are
B3/B-. BBVA, BNP Paribas and JP Morgan have been mandated to
coordinate the meetings.
Stoneway Capital Corporation, a private company with equity
contributed by Siemens AG, formed for the purpose of
constructing, owning, and operating four simple-cycle power
generating plants in the Buenos Aires region of Argentina, has
secured four Power Purchase Agreements through CAMMESA for a
10-year period on each. The company mandated Jefferies as sole
global coordinator and Jefferies and Seaport Global as
joint-bookrunners to arrange meetings with fixed income
investors starting on January 31 for a US$500m US
dollar-denominated 144A/Reg S senior secured offering of 10-year
The roadshow schedule is as follows: Wed Feb 1: New York,
Thu Feb 2: New York, Fri Feb 3: Los Angeles, Mon Feb 6: Boston,
Tue Feb 7: London, Wed Feb 8: London, Thu Feb 9:
Peruvian mortgage bank Fondo Mivivienda has announced a tap
of its US dollar 3.5% 2023s and the issue of a new 7-year
sol-denominated global depositary note, with pricing expected as
soon as Tuesday.
Expected ratings on the 144A/RegS tap are BBB+/BBB+, while
GDN will be rated BBB+/A-. Both tranches will be governed by New
York law. Citibank is acting as custodian and depositary on the
GDN, which is clearable through DTC/Euroclear and Clearstream.
Morgan Stanley and Scotiabank are leads on the deal.
IPTs - tap of the 2023s at T+180bp
- 7-year GDN at low 7%
Uruguay will sell US$2.05bn in debt in 2017, up from
US$1.7bn last year, the Economy Ministry said in a report, as
the country aims to balance its books after posting its sharpest
fiscal deficit in years.
The South American country's financing needs will total
US$2.97bn, the report said. The country plans to receive US$550m
from multilateral lenders and will tap reserves for US$200m,
with the remaining US$170m coming from other sources.
Argentina plans to issue US$1.5bn-$2bn of Swiss franc bonds
in two to three issuances this year, one of which will be in the
first quarter, Reuters quoted Finance Minister Luis Caputo
Caputo has previously said a total of US$3bn in non-dollar
bonds will be issued this year, following the sale of US$7bn in
dollar bonds last month.
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.
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
(Reporting by Mike Gambale and Paul Kilby; Editing by Shankar