Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers U > Headlines for Union Andina de Cementos SAA > News item |
Morning Commentary: Brazil’s Oi bonds climb on offer for Portuguese assets; Unacem ‘range-bound’
By Christine Van Dusen
Atlanta, Nov. 3 – Brazil-based Grupo Oi SA saw its bonds jump higher on Monday morning after an offer was made for its Portuguese assets, a New York-based trader said.
Luxembourg’s Altice SA wants to buy the assets for €7 billion, a move that would allow Oi to reduce its heavy debt burden and participate in a multi-company bid for TIM Participacoes SA.
Oi’s bid – with Mexico’s America Movil SAB and Spain’s Telefonica SA – would break up TIM and help consolidate the largest telecommunications market in Latin America.
In response to the news, Oi’s 2020s and 2022s moved up a point in early trading on Monday, the trader said.
But there was little significant Street action, he said.
“Looks like the consolidation situation could be speeding up,” he said.
The situation could become more complicated, though – other companies, including CVC Capital Partners and Bain Capital Partners, are said to be interested in Oi’s Portuguese business.
In other trading on Monday morning, the recent issue of notes from Peru’s Union Andina de Cementos SAA (Unacem) ticked up in trading.
The 5 7/8% notes due 2021 priced at par with BBVA, Deutsche Bank and Scotiabank in a Rule 144A and Regulation S deal.
The notes were seen trading between 101.55 and 101.80, a trader said.
“Quiet, and looks range-bound right now,” he said.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.