February 3, 2017 / 6:58 PM / a year ago

LATAM CLOSE-LatAm primary sees US$1.5bn this week

* Brazil’s Lojas Americanas hires CS to analyze capital structure

* JBS raises US$2.8bn, extends debt maturity

* Ecuador election may be LatAm’s next big score - investors

By Mike Gambale

NEW YORK, Feb 3 (IFR) - There are no new deals pricing in the LatAm primary market on Friday.


3 tranches for US$1.5bn


20 tranches for US$21.677bn


2 tranches for US$1.1bn


22 tranches for US$22.777bn


1 tranche for E600m

1 tranche for US$300m equivalent


Compania Latinoamericana de Infraestructura y Servicios (CLISA) has set initial price thoughts of high 9% on a US$100m tap of its 9.5% 2023 bonds.

The Argentine infrastructure firm is expected to price the deal as soon as Monday through BCP Securities and Santander. The company issued US$200m of the notes in July last year, pricing them at 98.753 to yield 9.75%. Ratings are B-/B-.

The Province of Buenos Aires is readying fixed-income investors meetings as it prepares to market a US dollar bond sale.

The borrower will split into two teams and will be in New York and London on February 6 and in New York and Boston on February 7. Ratings are B3/B-. BBVA, BNP Paribas and JP Morgan have been mandated to coordinate the meetings.

Stoneway Capital Corporation, a private company with equity contributed by Siemens AG, formed for the purpose of constructing, owning, and operating four simple-cycle power generating plants in the Buenos Aires region of Argentina, has secured four Power Purchase Agreements through CAMMESA for a 10-year period on each. The company mandated Jefferies as sole global coordinator and Jefferies and Seaport Global as joint-bookrunners to arrange meetings with fixed income investors starting on January 31 for a US$500m US dollar-denominated 144A/Reg S senior secured offering of 10-year maturity.

The roadshow schedule is as follows: Wed Feb 1: New York, Thu Feb 2: New York, Fri Feb 3: Los Angeles, Mon Feb 6: Boston, Tue Feb 7: London, Wed Feb 8: London, Thu Feb 9: Frankfurt/Munich.

Peruvian mortgage bank Fondo Mivivienda started roadshows this week to market a possible sol and/or dollar denominated bond issue.

The company wrapped up roadshows in New York on Friday. Expected ratings are BBB+/BBB+ by S&P and Fitch. Morgan Stanley and Scotiabank have been mandated to organize the fixed-income investor meetings.

Fondo Mivivienda is controlled by the government of Peru and is the country’s leading mortgage financing developer and promoter.

Uruguay will sell $2.05 billion in debt in 2017, up from $1.7 billion last year, the Economy Ministry said in a report, as the country aims to balance its books after posting its sharpest fiscal deficit in years.

The South American country’s financing needs will total $2.97 billion, the report said. The country plans to receive $550 million from multilateral lenders and will tap reserves for $200 million, with the remaining $170 million coming from other sources.

Argentina plans to issue US$1.5bn-$2bn of Swiss franc bonds in two to three issuances this year, one of which will be in the first quarter, Reuters quoted Finance Minister Luis Caputo saying.

Caputo has previously said a total of $3 billion in non-dollar bonds will be issued this year, following the sale of $7 billion in dollar bonds last month.

Brazilian power company Neoenergia is considering a possible US dollar bond debut this year after sending out requests for proposals in late 2016, two market sources told IFR.

Neoenergia Group’s principal shareholders are Banco do Brasil’s pension fund Previ, with a 49.01% stake, and Spain’s Iberdrola with a 39% stake, according to the company’s website.

Paraguay is considering raising up to US$550m in the bond market in March, Reuters quoted Finance Minister Santiago Pena saying.

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. (Reporting by Mike Gambale; Editing by Paul Kilby and Shankar Ramakrishnan)

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