TGI Brings Jumbo Junk Bond

TGI Brings Jumbo Junk Bond

Colombia

TGI, the Colombian gas distribution company, has rekindled its dialogue with investors for the dual currency bond that was suspended in July amid credit meltdown. The company is looking to raise $900m in two tranches: a 2017 dollar bond, with guidance in the 9.5% area, and a 2027 peso tranche in the 12% area. Underwriters did not provide a breakdown of tranche sizes. Bankers away from the deal point out that the BB rated dollar tranche is well over 300bp wide of the sovereign, whose 2017 closed

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