Ena gets blowout as Lat Am quiet mystifies

Panama, highway, Ena, Ena sur, Ena norte, Ena este, Empresa Nacional de autopistas, LatAm, 575
By Oliver West
12 Nov 2020

Panamanian toll road operator Empresa Nacional de Autopistas (Ena) notched up what one observer called a “slamdunk” debut deal on Thursday and swiftly traded higher in the grey market. But the lack of primary activity from Latin American heavyweight borrowers was puzzling some bankers.

Lead managers Bank of America and Banco General —Panama’s largest bank — set initial price thoughts in the mid to high 4% area for Ena’s Baa1/BBB+/BBB+ rated senior secured bond maturing in 2048. 

The government-owned company attracted some $2.4bn of orders, offering guidance of 4.25% plus or minus 0.125% ...

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