ENA Eyes Next Week Pricing

Empresa Nacional de Autopista (ENA) is wrapping up fixed-income investor meetings today on the West Coast for its two tranche tollroad backed bond offering with pricing expected as soon as Tuesday. The borrower, which is wholly owned by the Republic of Panama, is issuing bonds to help refinance $150m of 6.95% amortizing 2025 bonds that helped finance the Corredor Sur tollroad covering 19.5km of Panamanian highway. To finance the Corredor Sur acquisition, ENA is expected to issue a total of $395m under two senior class notes in the amount of $170m and $225m. HSBC and Global Bank are the leads. The bonds are rated BBB/BBB minus by Fitch & S&P.