Costa Rica and Panama Corporates Surface

Costa Rican supermarket chain Grupo Monge is preparing a 10-year NC5 bond issue via Merrill Lynch, with a global roadshow to begin this week. Separately, Panama’s Corredor Sur road project is planning a consent solicitation for a $125m increase to an existing $150m 6.95% 2025 bond. The consent launches today and closes November 26 and must receive Panamanian regulatory approval before additional debt can be sold. Corredor Sur’s initial offering was rated BBB-/Baa2, while Grupo Monge is a new issuer expected to get a double B handle. Merrill Lynch is sole manager of both transactions, part of a concerted push to increase its DCM activity in Central America and the Caribbean.