Upsized Progreso Bond Trades Up

Upsized Progreso Bond Trades Up

Guatemala Bonds

Guatemala’s Cementos Progreso generated $2.2bn in orders for its $350m international bond debut, upsizing by $50m and tightening down yield while still seeing an aftermarket pop. The 2023 NC5 senior unsecured bond priced at 98.253 with a 7.125% coupon to yield 7.375%, at the tight end of 7.375%-7.50% guidance and earlier mid-to-high 7% talk. The bonds were trading up 2 points late Tuesday, according to investors. “Progreso was tight for what it was, but apparently I’m in a distinct minority,” sa

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