Banco de Credito del Peru (BCP) has sold PES200m ($77m) in domestic bonds, according to a banker on the sale. The 2022 priced at par with a 5.5% coupon. Proceeds are marked for general bank purposes. BCP’s Credibolsa unit managed the sale, rated AAA on a national scale.
Category: Regions
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SIPyT Targets October Sale
Servicios Integrados de Pasaje y Turismo (SIPyT) is aiming to sell up to MXP3.5bn ($251m) in Mexico’s domestic bond market on October 25. The 15-year securitization is backed by receivables from bus fleet operations, and will be denominated in UDIs or pesos. The transaction would be a debut for SIPyT, a unit of Mexico’s Inversionistas en Autotransportes Mexicanos Servicios (IAMSA). Santander is managing the deal, rated AAA on a national scale. Crecimiento Programado is structuring agent.
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Urbi Signs IFC Loan
The IFC has agreed to provide a loan package of up to $105m to Mexican homebuilder Urbi, it says. The 3-tranche financing includes a 7-year, $50m IFC segment with a 2-year grace period, a $20m segment from the IFC-Canada Climate Change Program, and a $35m IFC-syndicated segment done with international commercial banks. The IFC declined to provide further details of the transaction. Funds will go toward sustainable housing efforts and building energy-efficient homes targeting low-income people. Urbi CEO Cuauhtemoc Perez tells LatinFinance that in addition to the financial resources themselves in that the IFC’s recognition enables continued momentum in the company’s sustainable development work.
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Veracruz Preps Securitization
The Mexican state of Veracruz is preparing to raise up to MXP6.9bn ($540m) through a securitization of future federal payment flows, according to offering documents. Veracruz is targeting three separate tranches of MXP2.3bn each – a 15-year fixed-rate peso-denominated tranche with an 11-year average life, a 25-year UDI-denominated portion with a 19-year average life and a 15-year peso portion paying a spread to the TIIE with an 11-year average life. The bonds feature a guarantee from Banobras for up to 45% of the total size per tranche. Proceeds will be used for part of the state’s MXP30bn refinancing plan, as it seeks to refinance liabilities and improve its debt profile. The bonds are expected to price October 24. Banamex, Banorte-Ixe and BBVA Bancomer are managing the deal, rated AA/AA+ on a national scale.
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Cemex Continues Maturity Extension
Fresh off of last month’s $7bn refinancing agreement, Cemex has returned to the bond market to raise $1.5bn to continue its maturity extension efforts. Taking advantage of improvements in its own secondary performance and of continued investor appetite for yield, the cement maker generated $7bn in demand for the new 2022 NC5. “Their yields have recovered and their debt swap transaction helped, and they must have thought now is a good time to come to the market,” says a credit analyst following the sale. Cemex yields have rebounded to single digits after seeing double digit levels in December, he notes. The B+/B minus bond priced at par with a 9.375% coupon, to yield at the tight end of 9.375%-9.500% guidance following 9.500%-area whispers. Bankers following the sale – now the issuer’s most liquid outstanding bond – calculate that the deal priced 20bps through the Cemex 2020 bonds. Participation came from 375 accounts, with mainly US buyers involved, including both EM dedicated and high yield dedicated investors. Proceeds will be used to repay existing debt under the refinancing agreement. JPMorgan, Barclays, RBS, Credit Agricole, HSBC and ING led the transaction. Last month Cemex completed an agreement to extend maturities of $7bn in 2014 debt out to 2017 and 2018, getting 93% acceptance. It plans to raise at least $750m-equivalent through a Colombian IPO of its ex-Mexico assets, though the timing of the process – heard managed by BBVA, Citi and Santander – remains unclear. The cement maker also plans additional asset sales to help with a $1bn paydown it must make in 2013 under the agreement.
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Market Awaits Pinfra FO
Mexico’s Promotora y Operadora de Infraestructura (Pinfra) had yet to price an equity follow-on late Thursday evening. The Mexican concession operator was scheduled to price 70.4m shares, including a 15% greenshoe, implying a MXP4.85bn ($380m) sale based on Thursday’s MXP68.85 closing price. The books were heard to be oversubscribed. Some 42% of the sale is destined for an international tranche. About 70% of the shares are to be secondary shares sold by members of the Penaloza family and various investment funds, with primary proceeds going toward general corporate purposes, including greenfield and brownfield construction. The sale also aims to increase the liquidity of the issuer’s shares, which trade relatively infrequently. The public float is to increase to 46.1% from 29.5%, with controlling shareholders ending up with 44.5% and funds linked to Grupo Bursatil Mexicano 9.4%. Credit Suisse and JPMorgan are managing the international portion, joined by Banorte-Ixe on the domestic side. Founded in 1969 as Grupo Tribasa, Pinfra develops and operates road and port concessions and produces materials used in road construction and has been publicly traded since 2005. Mexico is emerging as the region’s equity hotspot following Santander Mexico’s $4bn IPO, with Mexichem scheduled for a $1.2bn-equivalent follow-on October 9 and Credito Real with a $200m-equivalent IPO October 16.
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Marti Controller Launches Buyout Offer
Alfredo Harp, the controller of Mexican retailer Grupo Marti, has launched an offer open through October 22 to purchase up to MXP1.58bn ($123m) in shares he does not own in the company, according to regulatory documents. The offer covers up to 133.9m shares, or 17.46% of the company, at a price of MXP11.80 each. The timing of the offer remains to be set. Banamex is managing. Marti shares were at MXP11.00 Thursday.
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Satmex Names CFO
Satelites Mexicanos (Satmex) has appointed Juan Garcia-Gayou as CFO, it says. he joins from ICA Infrastructura, where he was also CFO.
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Continental Paraguay Reattempts Bond
After seeing a successful sale derailed by a presidential impeachment in June, Banco Continental Paraguay is planning another try for an international bond. The Ba3/BBB minus lender has scheduled investor meetings starting Monday in Chile, and visiting Los Angeles and New York before finishing in Switzerland October 11. A 5-year dollar bond transaction could follow, according to sources familiar with the plans, targeting a yield in the low 9% range. Bank of America Merrill Lynch is managing. Continental priced a $200m 8.875% 2017 bond at par in June, getting $450m in demand, through opted not to settle due to the impeachment of President Fernando Lugo rattling the market. BAML and Citi managed that sale, which the Paraguayan bank had indicated at the time it would retry.
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Santander Chile to Meet Asian Buyside
Banco Santander Chile is planning to meet bond investors in Singapore Tuesday and Hong Kong Wednesday, according to sources familiar with the process. Deutsche Bank, Goldman Sachs and Standard Chartered are managing. The bank is rated Aa3/A/A+.