Guatemalan Prices Bond Debut

LatAm high-yield and split-rated borrowers continue to enjoy market access, with Banco de los Trabajadores (Bantrab) raising $150m in its international debut bond sale. The Guatemalan bank drew 2x demand for the 2020 note, allowing it to print at the tight side of initial price thoughts. Bantrab priced at par with a 9.0% coupon, tight to 9.0%-area guidance and earlier low-9% talk. The bond traded up 1.0 points Wednesday afternoon, according to a trader. The Ba3/BB minus lender based pricing on investor feedback, in addition to Guatemalan reference points including Cementos Progreso’s 2023 bond, seen trading to yield 6.94%-6.90%, and Banco Industrial’s (Baa3/BB) 2022, trading to yield 6.50%-6.40%. Bantrab is raising funds to refinance debt and support growth efforts. Deutsche Bank and BCP Securities managed the deal, done through a Cayman Islands SPV. Elsewhere in the dollar bond market, Peru’s Andino Investment Holding (AIH) was expected to price today, after indicating 10%-area price talk Monday for a $130m 2020 NC3 bond and targeting pricing as soon as Wednesday. Bank of America Merrill Lynch, Credicorp and Goldman Sachs are managing the B+/BB minus transaction.