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Eldorado pulls notes offering; Latin America primary looks positive; Venezuela eyed
By Rebecca Melvin
New York, Feb. 8 – The postponement of Eldorado Brasil Celulose SA’s proposed offering of senior notes leaves only one deal on the forward calendar for Latin America next week. But the new issue market for the region is still deemed to be positive, according to market sources on Friday.
Banco BTG Pactual SA’s proposed offering 10-year tier 2 subordinated notes, which are non-callable for five years, is the sole deal on the LatAm calendar at this time.
“Recent pricings have been fairly positive for issuers. We’ve seen Credito Real and others, and it’s been a good start,” a New York-based market source said.
Mexico’s Credito Real SAB de CV Sofom ER priced $400 million of 9½% notes due 2026 (//BB+) at par on Feb. 1, and those notes rose in trade in the aftermarket.
“The market is looking much stronger,” the source said.
In the LatAm secondary market, there was no trading of Venezuela’s sovereign bonds for the week by U.S. market players after U.S. sanctions were imposed last weekend. The move, which came on top of sanctions on Petroleos de Venezuela SAB de CV, come as the United States and other countries step up pressure to force Venezuela president Nicolas Maduro from power.
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