Panama prices $550 million tap; JBS sells notes; Chile’s Cochrane, Mexico’s Mabe on deck

By Rebecca Melvin

New York, Oct. 18 – Emerging markets-debt players focused on the Latin America region were busy on Thursday, while other regions such as the Middle East and Africa were quieter, according to market players.

It was “all quiet,” a trader focused on the MENA region said.

In Latin America, the Republic of Panama launched and priced a $550 million tap of its 4˝% bonds due in 2050, and Brazil’s JBS SA launched and priced $500 million of 7% senior notes due Jan. 15, 2026.

The Panama notes priced at 93.479 to yield 4.915%, or Treasuries plus 155 basis points.

The new notes will form one series with the original $1.2 billion of 2050 notes, which priced in April at a yield spread of Treasuries plus 150 bps. Total deal size is now $1.75 billion.

The new bonds of JBS priced at 99.319 to yield 7 1/8%. That was tight to initial price talk in the low-to-mid 7% area.

In addition, Chile’s Empresa Electrica Cochrane SPA joined the calendar, announcing plans to price $725 million of 16-year notes to yield mid- to high-6%, and Mexico’s Controladora Mabe SA de CV talked its planned offering of $750 million of 10-year senior notes (expected rating: /BBB-/) to yield Treasuries plus 275 bps. The deal size was larger than the originally talked $350 million size.

© 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.