CSN joins LatAm calendar; CPI Group holds investor call; Egypt mixed

By Rebecca Melvin

New York, April 8 – With the addition of Companhia Siderurgigca Nacional’s (CSN) planned seven-year notes to the calendar, Latin America’s primary market looks fuller than it’s been for a while, but the deal count isn’t signaling a shift toward more robust issuance going forward, a New York-based market source said.

The Brazilian steelmaker is planning to price the new notes in tandem with cash tender offers for up to $750 million of two existing bonds.

“It’s a mixed bag,” the source said of the LatAm deal tally.

Of the four remaining deals, Alicorp SAA is a nuevo sol denominated deal, which points to the trend of more local market deals, the source said. And Panama’s proposed benchmark of notes isn’t one that will turn heads.

That leaves just two other deals, Consorcio Tranmantaro SA’s proposed dollar, 15-year notes, and the proposed medium-term notes of Panama’s Global Bank Corp.

In other news, the Central & Emerging Europe region saw two deals announced. CPI Property Group is offering a euro-denominated note for which a fixed income investor call was held on Monday.

In secondary action, Egypt’s newly priced 4¾%, six-year notes were seen at 98.8 bid, 99.8 offered. Those notes priced at par late last week along with a second tranche of 6 3/8%, 12-year notes. The second tranche was not heard in trade. Egypt’s sovereign spread was mixed.

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