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LATAM CLOSE-One issuer raises US$890m in primary
May 24, 2016 / 8:51 PM / 2 years ago

LATAM CLOSE-One issuer raises US$890m in primary

* City of Buenos Aires returns after year-long hiatus

* Panama’s Banco General to tap loan market

* Marfrig sets IPTs on seven-year non-call three

* America Movil nears close on euro loan facility

By Mike Gambale and Paul Kilby

NEW YORK, May 24 (IFR) - Below is a recap of primary issuance activity in the LatAm market on Tuesday:

Number of deals priced: 1

Total issuance: US$890m


The City of Buenos Aires has announced a new 11-year amortizing bond. Roadshows marketing the bond, which has a 10-year average life, ended on Monday in New York through leads Bank of America Merrill Lynch, Deutsche Bank and HSBC.

The issuer is looking to raise US$890m partly to fund an up to US$390m tender for its 9.95% 2017. Investors are being paid 105.5 on the tender.

IPTs of high 7s

GUIDANCE: 7.75% (+/-12.5bp)

LAUNCH: US$890m at 7.625%

PRICED: US$890m 11-year: 99.138; 7.5%C; 7.625%Y - Settlement June 1 2016; June 1 2027

BOOK: US$2.5bn


Marfrig Holdings (Europe) B.V., B2/B+/B+, announced a US$ benchmark 144A/RegS w/o reg rights 7-year non-call 3-year senior unsecured notes. Bookrunners: BB Securities, Bradesco BBI, HSBC, Morgan Stanley, and Santander. Guarantor: Marfrig Global Foods S.A. and Marfrig Overseas Limited. Use of Proceeds: Fund tender and repay outstanding indebtedness, and GCP. Pricing as early as Wednesday, May 25th.

IPT: low/mid 8s

Automotive parts manufacturer Rassini has mandated Goldman Sachs to take it on the road to meet investors next week in the US.

The company was in New York on Monday, and will head to Boston on May 24 and in Los Angeles on May 25. The company is rated BB- by S&P, while its main operating subsidiary Rassini Automotriz carries a Ba2 rating from Moody’s

Goldman Sachs is on the road marketing a US$500m financing package for Colombian road project Costera.

The borrower is looking at dollar bonds as well as inflation-linked peso bonds and loans, according to Fitch, which assigned a BBB- rating to the notes. (Reporting by Mike Gambale; editing by Shankar Ramakrishnan)

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