EM LATAM CREDIT: NEW ISSUE: Port of Spain Waterfront (POSWDL; BA2/-/BB)
"NEW $ DEAL: PORT OF SPAIN WATERFRONT $500M(WNG) 15Y, LOW 8%" – BBG
IPTs: Low 8%
FV: 7.75 Area
• Port of Spain is a special purpose entity created by the Urban Development Corporation (UDeCott) which is owned by the Republic of Trinidad and Tobago. The financing entity is proposing to issue USD500mn 15-year final, 8 year average life bonds secured by rents paid by the government and effectively an obligation of the government.
• The Republic of Trinidad and Tobago (TRITOB; Ba2/BBB-/-) has a 2034 bond that is quoted at a 6.60% yield. There is the government owned Heritage Oil Company (TPHLTT; Ba3/BB/-) with 2029 bonds callable 2027 quoted at a yield to call of 7.15% which is a spread of 85 bps over the TRITOB 2030s.
• The Port of Spain International Waterfront Center is comprised of two 26-story office towers with retail spaces, the 22-storey Hyatt Regency Hotel and Conference Centre, a seven-story car park and the refurbished Breakfast Shed, according to the UDeCott website.
https://udecott.com/projects/port-of-spain-international-waterfront-centre/
