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Trinidad oil producer Petrotrin to sell first ABS deal

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Trinidad’s state-owned oil producer, Petrotrin, is preparing to launch a seven to 10-year ABS transaction backed by future export revenues via the lead of Deutsche Banc, the first future flow ABS out of Caribbean nation Trinidad & Tobago. This will also mark Petrotin’s first sally into capital markets of any sort.

The transaction itself has yet to be rated but both Moody’s Investors Service and Standard & Poor’s rate the issuer at Baa3/BBB-, the sovereign ceiling. In order to achieve the tightest pricing available, the leads are also in discussions with monoline insurers to solicit a wrap for the transaction.

Given that the issuer is already at the minimum rating required for a wrap, the guarantee is likely a done deal. Launch is set for late October or early November, barring another blowup in Argentina.

Deutsche Banc is also in the market with a $125 million five-year future flow transaction for Panama’s Banco del Istmo. That bond is being talked in the 350 basis point area over U.S. Treasurys.

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