* Panama's Global Bank preps roadshows
* Moody's says no Brazil investment grade before 2018
* Peru upsizes 12-year bond to accept more tenders
By Mike Gambale and Paul Kilby
NEW YORK, Sept 29 (IFR) - Below is a recap of primary
issuance activity in the LatAm market on Thursday:
Number of deals priced: 3
Total issuance: US$2bn
BANCO MERCANTIL DEL NORTE
Banco Mercantil del Norte, S.A., Institucion de Banca
Multiple, Grupo Financiero Banorte (Banorte), exp issue rating
Ba1/BB+, announced a US$ benchmark 144A/RegS w/o reg rights
15-year (10/04/2031) non-call 10-year subordinated preferred
Tier 2 capital notes. Bookrunners are Bank of America, JP
Morgan(B&D) and Morgan Stanley. Co-managers: CS / MUFG / UBS /
Wells Fargo. UOP: General corporate purposes including
replenishing loss of capital credit by existing Basel II capital
notes. Settle: 10/04/2016.
IPTS: low 6%
PRICE GUIDANCE: 6% area (+/- 5bp)
LAUNCH: US$500m 15NC10 at 6%
PRICED: US$500m 15NC10: 98.14; 5.75%C; 6%Y
EL PUERTO DE LIVERPOOL
El Puerto de Liverpool S.A.B. de C.V. (LIVEPL), BBB+/BBB+,
announced a US$ benchmark 144A/RegS 10-year senior notes. The
active bookrunners are Citigroup, Credit Suisse and JP Morgan.
Guarantor: Distribuidora Liverpool, S.A. de C.V. UOP: GCP,
including to finance portion of the proposed acquisitions.
Settlement: 10/06/2016 (T+5).
IPTS: T+275bp area
PRICE GUIDANCE: T+250bp area (+/-5bp)
LAUNCH: US$750m 10-year at T+245bp
PRICED: US$750m 10year: 98.881, 3.875%C; 4.012%Y. T+245bp
Ultrapar, US dollar denominated 10-year 144A/RegS bullet
bond, to refinance existing debt. Expected ratings on the senior
unsecured bond are Ba1/BB+ by Moody's and S&P. Ultrapar
Participacoes and Ipiranga Productos de Petroleo are acting as
guarantor, while Ultrapar International is the issuer.
Bookrunners are BB Securities, Bradesco BBI, Morgan Stanley,
Santander and Morgan Stanley. BNP Paribas, MUFJ and Scotiabank
are acting as co-managers. Ultrapar is involved in specialized
distribution and retail, specialty chemicals and liquid bulk
IPTS: high 5%
PRICE GUIDANCE: 10-year at 5.625% area (+/-12.5bp)
LAUNCH: US$750m 10-year at 5.50%
PRICED: US$750m 10-year: 98.097; 5.25%C; 5.50%Y; T+394.2bp
Panama's Global Bank is readying fixed-income investor
meetings for next week as it prepares to issue a possible senior
The issuer will be in London on October 3, in New York on
October 4, in Boston on October 5 and Los Angeles on October 6.
Ratings are Ba1/BBB-/BBB-.
The deal is being done in conjunction with a tender for its
outstanding 2017 covered bonds. Citigroup, Deutsche Bank and JP
Morgan have been mandated as leads, with UBS coming in as
Mexican development bank Nafin wrapped up roadshows
Wednesday, as it looks to market a potential US dollar bond
through Bank of America Merrill Lynch and HSBC. The issuer is
The Republic of Argentina is planning a dual-tranche,
benchmark sized euro denominated bond issue.
The sovereign has mandated BBVA, BNP Paribas and Credit
Suisse to arrange a series of fixed income investors meetings
that finished in Italy on Thursday. The issuer is rated B3/B-.
Bermuda has launched an up to US$150m tender for its
outstanding 5.603% 2020 and 4.138 2023 notes. The liability
management operation is subject to the successful issuance of
The borrower is offering a price of 114 on the 2020s and 108
on the 2023s if holders tender by the early participation
deadline of October 7. Thereafter but before the expiration date
of October 18, those prices drop to 110 and 105. HSBC is leading
(Reporting by Mike Gambale and Paul Kilby; Editing by Shankar