* 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$2bn
Banco Mercantil del Norte, S.A., Institucion de Banca Multiple, Grupo Financiero Banorte (Banorte), exp issue rating Ba1/BB+, announced a US$ 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$500m 15NC10: 98.14; 5.75%C; 6%Y
El Puerto de Liverpool S.A.B. de C.V. (LIVEPL), BBB+/BBB+, announced a US$ 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 storage.
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 unsecured note.
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 co-manager.
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 rated A3/BBB+/BBB+.
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 new notes.
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 the transaction. (Reporting by Mike Gambale and Paul Kilby; Editing by Shankar Ramakrishnan)