Suzano Papel e Celulose taps banks; September pipeline building, pending market conditions

By Paul A. Harris

Portland, Ore., Aug. 29 – There have lately been sellers of Brazilian and Argentine bonds, according to a market source who added that apart from those names there have been no conspicuous moves in the Latin America space as summer draws toward its conclusion in the bond market.

Among Brazilian corporates the Light Servicos de Eletricidade SA/Light Energia SA 7¼% notes due May 2023 were 94½ bid, 95¾ offered on Wednesday, unchanged, according to an investor.

A week ago they were 95¼ bid, 96½ offered, the source added.

The $600 million issue priced at 99.485 in late April.

Amid light news flow in new issues, Suzano Papel e Celulose SA mandated BNP Paribas, JPMorgan, Mizuho and Rabobank to arrange meetings with fixed-income investors in the United Kingdom and the United States early in the Sept. 3 week.

A benchmark sized dollar-denominated Rule 144A and Regulation S offering of senior unsecured notes maturing in 2030 and/or 2049 may follow.

Investor meetings are scheduled to begin Monday and wrap up Wednesday.

Early fall primary market activity may be in the offing, a syndicate banker said.

There are some names surfacing, but issuing new bonds will be tricky given emerging markets sentiment, the source added.

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