Latam prices $450m future flow securitization

By Oliver West
05 Nov 2013

Latin America’s largest airline attracted a book of $2.7bn for a $450m bond backed by existing and future US and Canadian dollar-denominated ticket receivables, allowing the company to price the trade in line with analysts' expectations.

Latam Airlines, conforming Brazilian airline TAM and Chile’s LAN, had talked its seven year amortising note at mid-6% on Friday. Price talk was reduced to guidance of 6.25% area on Monday before the BBB-/BB+ rated bond priced at par with a coupon of 6% to yield 6%. This ...

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