* CFE amasses US$5.5bn book for new debt issue
* Bermuda returns to bond market with new 10-year
* Creditors work with Egyptian billionaire to shore up Oi
By Mike Gambale
NEW YORK, Oct 11 (IFR) - Below is a recap of primary
issuance activity in the Latam primary market on Tuesday:
Number of deals priced: 2
Total issuance volume: US$1.665bn
Comision Federal de Electricidad (CFE), a Mexican
state-owned utility, announced a bond maturing in February 2027.
Expected ratings are Baa1/BBB+/BBB+. BBVA, Bank of America
Merrill Lynch and Citigroup are acting as leads.
IPT: T+337.5bp area
PRICE GUIDANCE: T+312.5bp area (+/- 12.5bp)
LAUNCH: US$1bn at T+300bp
PRICED: US$1bn 4.75% cpn 10-year (2/23/2027). At 99.876, yld
The government of Bermuda has announced a long 10-year bond.
The senior unsecured bond is expected to be rated A2/A+ by
Moody's and S&P. Proceeds are being used to help fund a cash
tender, to repay a US$200m credit facility and to fund a portion
of the fiscal deficit. HSBC is acting as a sole bookrunner.
IPTs: low 200s over Treasuries
PRICE GUIDANCE: T+200bp (+/-5bp)
LAUNCH: US$665m long 10-year bond at T+195bp
PRICED: US$665m long 10-year: 99.986: 3.717%Y; T+195bp -
Maturity January 25 2027
BOOK: North of US$1.6bn
LATAM Airlines Group S.A. ("LATAM", NYSE: LFL), a
Chile-based airline group, mandated Citi and J.P. Morgan as
global coordinators and joint bookrunners and BNPP, BofAML,
Deutsche Bank, and Santander as joint bookrunners to arrange a
series of fixed income investor meetings in Chile, Europe, and
the US commencing on October 12. A USD-denominated benchmark
144A/Reg S 7-year offering is expected to follow, subject to
Meeting schedule as follows: October 12, Santiago; October
14, Los Angeles; October 17, London; October 18, Boston; October
19, New York.
Global Bank, from Panama, is preparing a possible senior
unsecured note. The issuer was in Boston on Wednesday and Los
Angeles on Thursday. Ratings are Ba1/BBB-/BBB-.
The deal is being done in conjunction with a tender for its
outstanding 2017 covered bonds. Citigroup, Deutsche Bank and JP
Morgan have been mandated as leads, with UBS coming in as
Nafin, a Mexican development bank, has wrapped up roadshows,
as it looks to market a potential US dollar bond through Bank of
America Merrill Lynch and HSBC. The issuer is rated
The Republic of Suriname (B1/B+/B+) is roadshowing this week
and next to market a potential debut 144A/Reg S bond offering.
The borrower was in London on Tuesday and will head to
Boston on October 12, the mid Atlantic coast on October 13, the
West Coast on October 14. Roadshows will finish in New York on
October 17 and 18. Oppenheimer and Scotiabank have been mandated
to organize the meetings.
(Reporting by Mike Gambale; Editing by Shankar Ramakrishnan)