Gol to Meet Buyside

Gol Linhas Aereas Inteligentes is scheduled to see debt investors beginning today, in meetings that will test the buyside’s appetite for the B/B+ Brazilian issuer nearly one year after it postponed a $100m minimum perpetual NC3 bond. Calling it a “non-deal” roadshow, the airline will visit in New York, London, Santiago, Boston and the US West Coast and finish on Wednesday. A dollar transaction may follow, market conditions permitting. Banco do Brasil, Bank of America Merrill Lynch, Bradesco and Citi have been mandated. The airline was last in the bond market in 2010, pricing a $300m 10-year to yield 9.50%, through BAML, Citi and Itau. Those bonds were trading to yield 9.73% late Monday. Gol is also preparing the IPO of its Smiles mileage reward program, with the board meeting to discuss the matter Friday. Gol met investors in Europe and Asia in February last year, whispering 11.5%-area via JPMorgan before deciding against a sale.