ENA Hits the Road

Panamanian toll-road operator Empresa Nacional de Autopista (ENA) is preparing fixed-income investor meetings starting next week. ENA plans to visit accounts in New York Monday and Tuesday, followed by Boston on Wednesday and the US West Coast on Thursday. In August last year ENA raised $395m through a 2025 bond yielding 5.75% and a 2019 priced to yield 5.25%. The deal was rated BBB/BBB minus. HSBC and Global Bank, managers of the previous sale, are coordinating meetings. Panama’s government, which owns ENA, had indicated later last year that a follow up to the first deal was possible and could target more than $650m.