Argentina's Banco Macro to start marketing $150 million notes this week

By Reshmi Basu

New York, Nov. 28 - Banco Macro SA plans to start a roadshow for a $150 million offering of 30-year non-cumulative junior subordinated notes (B3//B-) this week, according to a market source.

The roadshow will begin in Singapore on Thursday and then move to Hong Kong on Friday, to London on Monday, to New York on Dec. 5, to Boston on Dec. 6 and wrap up on the West Coast on Dec. 7.

Additionally, the fixed-rate notes will be non-callable for 10 years. If the notes are not called, the coupon will change to floating rate. Also, the coupon will step up by 150% times the Libor spread at the time of pricing.

Pricing is expected during the week of Dec. 11.

Proceeds will be used for general corporate purposes.

Credit Suisse and UBS are managing the Rule 144A and Regulation S deal, which will come without registration rights.

The Buenos Aires, Argentina-based issuer is engaged in retail and commercial banking.

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