April 28, 2016 / 9:20 PM / 4 years ago

LATAM CLOSE-Guatemala raises US$700m after three-year absence

* Guatemala raises US$700m after three-year hiatus

* Province of Neuquen mandates ahead of bond deal

* AES Dominicana to start roadshows

* Argentina’s Chubut preps secured debt sale

By Mike Gambale

NEW YORK, April 28 (IFR) - Below is a recap of primary issuance activity in the LatAm market on Thursday:

Number of deals priced: 1

Total volume: US$700m


Guatemala has announced a 10-year bond ahead of pricing on Thursday. The Central American country has capped the size at US$700m and will use proceeds to pay down debt and to finance investment programs as well as capital expenditures. The senior unsecured bond is expected to be rated Ba1/BB/BB and is being led by sole bookrunner Bank of America Merrill Lynch.

IPTs 4.875% area

GUIDANCE: US$700m 10-year at 4.65% (+/-5bp)

LAUNCH: US$700m 10-year at 4.60%

PRICED: US$700m 10-year at 99.206 with 4.5% coupon

BOOK: US$3.5bn-plus

NIC: 10bp (vs. 4.875% 2028s at 4.65%-4.60%)


Panama’s Aeropuerto Internacional de Tocumen SA (AITSA) is looking to issue US$625m in 20-year bonds to finance further construction of the new South Terminal at the Tocumen International Airport outside Panama City. Citi is advising AITSA.

The Province of Neuquen will start fixed-income investor meetings as it looks to market a US dollar 144A/RegS transaction through Deutsche Bank and JP Morgan.

The borrower will be in Boston on Monday, in New York on Tuesday and in London on Wednesday. The offering of bonds, which will by backed gas royalties, is being done in conjunction with an exchange for outstanding 2021.

AES Dominicana will start roadshows this week ahead of a possible USD 144A/RegS bond sale after mandating Citigroup and Credit Suisse, according to a source. The borrower will be in London and Los Angeles on Friday and will head to Boston and New York on Monday. Ratings are B+/B+ by S&P and Fitch.

The Province of Chubut is preparing to sell an up to US$83m New York law bond due in 2023, according to Moody’s, which assigned a B3 rating to the issue on Thursday.

The Province of Mendoza is looking to raise US$300m in both the local and international markets to refinance debt, according to local reports.

Argentina utility Pampa Energia’s shareholders have approved a US$500m debt program. (Reporting by Paul Kilby and Mike Gambale; Editing by Marc Carnegie)

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