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.