2 Min Read
* Ecuador bond three times covered
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By Mike Gambale
NEW YORK, Dec 8 (IFR) - Below is a recap of primary issuance activity in the US LatAm market on Thursday:
Number of deals priced: 1
Total issuance volume: US$750m
The Republic of Ecuador, rated -/B/B, announced a US$ benchmark 10-year senior unsecured note offering via sole-bookrunner Citigroup. 144a/RegS UOP: Limited by the Public Planning and Finance Code. Settlement date 12/13/2016.
IPT: Low 10%
GUIDANCE: 9.875% area (+/- 12.5bp)
FINAL GUIDANCE: US$750m 10-year at 9.75% area (+/-10bp)
LAUNCH: US$750m at 9.65%
PRICED: US$750m. Cpn 9.65%. Due 12/13/2026. Ip par. Yld 9.65%.
NIC: 5bp (vs. 7.95% '24s at 9.40%, add 20bp for maturity extension, FV=9.60%)
7.950% June 20, 2024 at bid of 9.40%
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 and Fitch.
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 joint bookrunners. (Reporting by Mike Gambale; Editing by Marc Carnegie)