Banco Latinoamericano de Comercio Exterior (Bladex) is targeting a March 14 pricing for what would be the Panama-based supranational’s debut in the Mexican bond market, according to presale documents. The bank plans a sale of up to MXP3bn ($234m) in floating-rate bonds with a 3-5 year maturity. Proceeds are destined to fund operations. HSBC and Santander are leading the transaction, rated AAA on a national scale.
Category: Regions
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Facileasing Seen Extending Pricing
Mexican fleet leasing company Facileasing is expected to price in the next few days an up to MXP1bn ($79m) 3-year domestic bond, according to banker on the deal, after initially aiming to price Wednesday. Investors had previously been heard discussing a TIIE+45bp area price for the floating rate bonds, in what is to be its first debt offering since being acquired by BBVA Bancomer in July of last year. BBVA Bancomer is managing the sale, rated AAA on a national scale.
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Fovissste Plans Next RMBS
Mexico’s Fovissste plans to raise MXP4.71bn ($367m) through a domestic RMBS sale and is targeting a March 28 pricing, according to regulatory documents. The 2041 bond would be denominated in UDIs and pay a fixed rate. BBVA Bancomer is named as a manager on the sale, rated AAA on a national scale. The government-backed lender got 4.60%, or UDIbonos+283bp, on its last 30-year deal, a MXP4.31bn sale, priced in December.
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Cathedral Energy Sells Venezuela Assets to PDVSA JV
Canada’s Cathedral Energy Services has struck a joint venture agreement with PDVSA, and plans to sell and lease a number of its own assets to the newly formed Vencana Servicios Petroleros venture. The JV is to be 40% owned by Cathedral, with the rest controlled by PDVSA, Cathedral says. Under the deal, Cathedral will sell its operations in the Venezuelan city of Maturin to the new venture, including buildings and various types of equipment, and will also lease Vencana its measurement-while-drilling equipment. Officials at Cathedral and PDVSA could not immediately be reached for comment. Payment for Cathedral’s assets will be 60% in cash and will come from PDVSA, while the remaining payment will be taken as Cathedral’s contribution to the new venture in exchange for its 40% participation. The company notes that PDVSA will have several payment milestones but it offered no details of dates or amounts. The Vencana venture is expected to devote its efforts to increasing directional drilling.
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Titularizadora Places TIPs
Securitization specialist Titularizadora Colombia has sold COP327bn ($184m) of 10-year RMBS bonds in the local market. The securities, known as TIPs, pay a fixed rate of 7.49%. The issue was part of a COP385bn sale that included subordinated debt, and saw total demand of 1.24x. Titularizadora managed the sale itself, aided by local brokerages. In a previous November sale, Titularizadora sold COP379.3bn of the 10-year TIPs at a rate of 7.6%.
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Gruma Names CEO
Gruma has named Joel Suarez Aldana as CEO, effective immediately. Suarez was previously the head of the Gruma Corporacion subsidiary. He replaces Raul Pelaez, who resigned from the tortilla maker in August.
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Peru on Track for Infrastructure Project Funds
The government of Peru is on track to receive $95m in loans from Japan International Cooperation Agency (JICA). A JPY4.4bn ($54.9m) 25-year loan with a 1.7% fixed interest rate will fund an irrigation project and a JPY3.2bn ($40m) 25-year loan, also with a 1.7% fixed interest rate, will fund water and sanitation projects. A commitment note has been signed by the countries’ governments, with the loan agreement still pending, according to a person familiar with the financing. The two aforementioned projects are focused mainly on poverty reduction in Peru’s Sierra region. JICA has 38 prior projects with Peru.
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Irish Renewable Power Inks Chilean Wind Deal
Irish renewable energy developer Mainstream Renewable Power (MRP), has struck a deal with Chinese wind turbine manufacturer Xinjiang Goldwind Science & Technology to build the Ckani wind farm in Chile. The 50/50 deal involves the initial building stages of the wind farm to be located in the Antofagasta region in northern Chile, MRP says. As agreed, a subsidiary of the Chinese company will supply 47 of its GW87 1.5 MW capacity wind turbines for the venture. Officials at Mainstream and Goldwind could not be reached for comment for additional details. The Ckani farm, as designed, has a potential generating capacity of 240MW which is expected to be fully operational by 2015. Late last year, the two companies struck an earlier deal where Mainstream bought 23 of Goldwind’s turbines to supply Chile’s Negrete Cuel wind farm.
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Credito Real Eyes March Pricing
Mexcio’s Credito Real is targeting a March pricing for a new domestic bond of up to MXP1bn ($78m), according to company officials. The deal had been expected this week. BBVA is managing the sale, expected at a 2.7-year maturity and rated A/A minus on a national scale. Elsewhere in the Mexican domestic market, fleet leasing company Facileasing is expected to price an up to MXP1bn local 3-year bond today. BBVA is managing the sale, rated AAA on a national scale.
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Infonavit Preps RMBS
Mexican mortgage and social services entity Infonavit plans to sell an up to MXP3bn ($235m) UDI-denominated RMBS bond in the domestic market at the end of March. The 28-year security will be backed by Infonavit mortgages. Proceeds will be used to create new mortgages. Banamex and BBVA Bancomer are managing the AAA rated transaction. Infonavit last sold MXP4.97bn in UDI-denominated 28-year RMBS bonds in early February, pricing them at 4.50% or Udibonos+280bp, via Banamex and HSBC.