Terminales Portuarios Euroandinos Paita $110m 2037 Bond
Category: Bonds
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Educator Closes Book on 476 Sale
Brazil’s Anhanguera has completed a BRL170m ($81m) domestic bond transaction, according to Anbima. The educational operator has issued a BRL85m 2017 tranche paying the DI+1.5%, in line with expectations, and amortizing beginning 2016. A second BRL85m 2019 tranche pays the DI+1.7%, also in line with expectations, and amortizing beginning 2018. Anhanguera is raising funds to improve its debt profile. Itau managed the transaction, done under the rule 476 restricted format.
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Freight Manufacturer to Issue BRL debt
Randon, a Brazilian Manufacturer of truck trailers and rail freight cars, is preparing to raise BRL300m ($145m) in the domestic bond market, it says. The plan is for a 2019 debenture paying the DI+1.15% and amortizing in two equal parts in years six and seven. The proceeds are marked for working capital and other corporate purposes. It does not indicate the banks managing the sale, being done under the rule 476 restricted format.
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Liquidity, Macro Tailwinds to Push Mexico DCM
With domestic liquidity growing and a favorable macro environment in the forecast, Mexican DCM bankers expect an increase in local bond issuance in 2013. So far this year, issuers have raised more than MXP207.0bn ($16.2bn) domestically, up from the MXP152.0bn seen in 2011, according to LatinFinance data, which excludes short-term issuance. Mexican financial institutions and government-related issuers are expected to account for a lot of the activity next year, with securitizations in particular already building up from a backlog at the end of this year. “Given stability in Mexico’s local market and low global rates, we feel that it is a good time to take advantage of those low rates,” says a Mexico City-based DCM banker. For Mexican corporate borrowers, especially those that fall within the AAA-rated category, spreads continue to look more favorable, remaining stable or tightening, he notes. Significant corporate refinancing needs will also be a factor driving volume. Low costs should continue to pave the way for high-quality issuers, says a Mexican portfolio manager, highlighting that development banks Nacional Financiera (AAA) and Banobras (AAA) were seen printing as little as 50bp over the Mexican sovereign. He adds that he would like to see more paper from the financial sector in 2013, as well as ABS, highlighting the state of Veracruz’s November sale as a standout this year. More securitizations are planned, bankers say, though they note that spreads widened in 2012 for ABS deals, given the number of sizeable securitizations that emerged over a short period of time towards the end of the year. “The Veracruz transaction was important and could pave the way for additional Mexican states that need to refinance bank debt,” says a banker away from it. The state sold a MXP4.86bn three-tranche securitization of future federal payment flows, with a partial guarantee from Banobras, and other states may follow. Bus operator IAMSA and the Monterrey-Saltillo toll road conc
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Payment Processor Plots Local Funds
Vaild, the Brazilian payment processor, plans to raise BRL130m ($63m) in the domestic bond market, it says. It will look to sell a 2014 bond paying the DI+1.2%, to raised funds for repaying short-term debt. BTG Pactual is managing the sale, according to a source familiar with the issuance, to be done under the rule 476 restricted format.
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Saesa Readies Domestic Bond
Chile’s Saesa is expected to issue UF2.5m ($121m) in Chile’s local bond market today. The electricity transmission company is able to choose from a 7-year tranche with a 3.40% coupon and a 21-year tranche with a 3.75% coupon. The proceeds will be used to refinance debt. IMTrust and BCI are managing the transaction, rated AA/AA on a national scale. Saesa sold UF2m in domestic bonds in its last deal in October 2011.
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YPF Prices Local Debt
YPF has finished off a busy fundraising period with the sale of $734m-equivalent in domestic bonds, it says, shy of a ARP4.0bn ($821m) limit. The Argentine state-controlled oil producer priced $258m in 6.25% 2016 bonds at a premium of 101.53. It also sold ARP2.33bn in 2018 bonds at Badlar+4.75%. Banco Galicia, Banco Hipotecario, BACS, Santander Rio, BBVA Banco Frances, Macro and Nacion Bursatil managed the sale, rated AA on a national scale.
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Builder Wraps up Debentures
Brazil’s Andrade Gutierrez has closed a BRL400m ($191m) domestic bond transaction, according to Anbima. The construction company’s 2014 pays 107% of the DI. Bradesco managed the sale, done under the rule 476 restricted format.
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Compartamos Looks to Upsize Bond
Mexico’s Banco Compartamos has increased the amount sought for a reopening of its 2015 floating-rate bonds to MXP1.5bn ($117.5m), according to a source following the sale, on increased investor demand. The microlender originally targeted MXP1bn in the reopening of its 2015 bonds and is set to price today, after initially planning on Wednesday. This amount would complete issuance under a MXP6bn program. Price talk is at TIIE+59bp-area. Proceeds will be used to refinance short-term indebtedness. Banamex is leading the transaction, rated AAA/AA on a national scale. The original MXP1bn bond priced at TIIE+130bp in 2010.
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Compartamos Set for MXP Retap
Mexico’s Banco Compartamos is scheduled to price a reopening of its 2015 floating-rate domestic bonds today. The microlender wants to reopen the bonds for MXP1bn ($78m), an amount that would bring the new outstanding size to MXP2bn. This amount would complete a desired MXP2bn outstanding size for three separate transactions done in 2010, 2011 and 2012 under an MXP6bn program. Price talk is at TIIE+59bp-area. Proceeds will be used to refinance short-term indebtedness. Banamex is leading the transaction, rated AAA/AA on a national scale. The original MXP1bn bond priced at TIIE+130bp in 2010.