Grupo Acosta Verde’s decision to hold comes after two other fibras list at the bottom of their range
Category: Regions
Posted inDaily Brief
Harvest to Unload Vene Assets
Harvest Natural Resources has received a $400m offer for its 32% stake in Venezuela’s Petrodelta from Argentina’s Pluspetrol, it says. In the deal, Harvest would sell its 80% interest in Harvest-Vinccler Dutch Holding (HVDH). Harvest would sell 29% of HVDH immediately for $125m, and sell the remaining 51% for $275m during 1H2014. The US E&P operator plans to use proceeds to pay off long-term debt and for working capital. The deal is subject to the negotiation of definitive agreements between the two firms, as well as approval from stockholders and the Venezuelan government.
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Pemex Closes in on EUR Deal
Pemex has ended its European roadshow, with investor feedback suggesting interest for a new 7-year or 8-year euro-denominated bond, according to a banker familiar with the issuer’s plans. Pricing is expected as soon as today, market conditions permitting. The Mexican state-owned oil producer’s EUR-denominated 2017 bonds, seen trading around MS+133bp Wedensday, and EUR-denominated 2025 bonds, at around MS+200bp, offer pricing reference points. BBVA, Credit Suisse and HSBC are managing the transaction. Pemex last issued in the currency in 2009, pricing a $1.46bn-equivalent 5.50% 2017 bond at a 5.623% yield, or MS+250bp. When laying out international issuance plans for 2013, company officials had said they would monitor the euro market as well as some South American currencies – Peru and Colombia the most likely – for potential issuance in addition to USD. Pemex also plans to become a more regular Mexican domestic market issuer. Its last visits to the international bond market were US Export-Import bank-backed deals in September and October, raising $350m and $750m.
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Nafinsa Lands Debut Syndicated Bond Offering
Mexican development bank Nafinsa has raised MXP5bn ($382m) through its first ever syndicated bond sale, generating almost 3x demand, it says. Nafinsa sold MXP2bn in 3-year floating-rate bonds at TIIE minus 2bp, and a MXP3bn 10-year fixed rated bond at 6.57% or Mbonos+41bp, according to a pricing term sheet. The transaction was done through a group of 20 banks. Nafinsa has replicated a sale process used by the Hacienda since 2010. The goal matches the government’s – achieving better pricing and liquid benchmarks. Nafinsa plans to raise MXP25bn in this way through the end of 2014. The notes are rated AAA on a national scale.
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S&P Cuts Barbados
S&P has lowered the credit rating of Barbados to BB minus from BB+, is says. The island faces mounting external pressures associated with a widening current account deficit, external financing challenges, and a high fiscal deficit. S&P finds this is largely due to a decline in government revenues as a result of the weak economy. The government debt level should top 70% of GDP in 2013, up from 67% in 2012 and 60% in 2011. The outlook is negative.
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Colombian Set for Local Sale
Banco de Occidente is scheduled to sell COP350bn ($181m) in inflation-linked bonds today in Colombia’s local market, according to offering documents. The bank has the option of 2015 bonds paying IPC plus up to 2.25%, 2017s paying IPC plus up to 3.90% and 2020s paying IPC plus up to 4.45%. Corficolombiana structured the deal, rated AAA on a national scale. Casa de Bolsa, Credicorp, Corredores Associados, Serfinco, Bancolombia, Alianza and Occidente are managing. The sale follows Occidente’s COP253bn placement in May.
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US Boutique Heads to Mexico
BCP Securities has opened a Mexico office, through a JV with local partners, the US-based boutique says. The independent broker-dealer and investment bank primarily focused on EM bonds will partner with Hector Rangel, Anthony McCarthy and Maria del Carmen Arreola – all three coming from senior roles at Banomext and Nafinsa. Rangel is to be president of BCP Securities Mexico. BCP has offices in Sao Paulo and Rio de Janeiro, in addition to LatAm focused staff at its US headquarters.
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Findeter Advances Domestic Bond
Findeter has filed for a sale of up to COP400bn ($207m) in Colombia’s domestic bond market, according to initial documents. The government-backed lender for investment projects has the option of interest rates linked to IPC and DTF, and maturities of 2-7 years. Findeter is raising funds to fund its operations. The sale is rated AAA on a national scale, and has been expected by the end of the month. No official mention of timing has been made. The bank had indicated at the start of the year that it would look to issue $500m in bonds in the international markets this year.
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Finmart Preps Domestic ABS
Mexico’s Finmart is preparing to issue a domestic asset-backed note of up to MXP800m ($62m), with a preliminary pricing date of December 6. The 5-year bond will be backed by payroll credits and will pay a spread to the TIIE benchmark. Banamex and Scotiabank are leading the transaction, rated AAA on a national scale. Finmart sold a 5-year MXP420m last year, pricing the ABS at TIIE+250bp.
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NAFINSA Readies First Syndicated Auction
Mexico’s Nafinsa development bank plans to raise up to MXP5bn ($379m) in the domestic bond market today using, for the first time, the federal government’s syndicated auction process. Nafinsa will offer a 3-year floating-rate bond and a 10-year fixed rated bond, each of MXP1bn to MXP4bn, according to offering documents. Actinver, Banamex, BBVA Bancomer and Santander are among the 20 banks working on the transaction. The goal, Nafinsa says, matches the government’s – achieving better pricing and liquid benchmarks. The Hacienda first used the syndicated format in 2010. Nafinsa plans to raise MXP25bn by the end of 2014. The notes are rated AAA on a national scale.