Argentine Issuer Chooses Chase

Compania Naviera Perez Companc, the privately owned Argentine oil and bank holding company, has picked Chase Manhattan Corp. to underwrite a $100 million Eurobond issue.

Chase will be lead manager and coordinate the underwriting syndicate, a spokesman said Friday. Chase plans to comarket the issue in October with Banco Rio de la Plata of Argentina.

The mandate is the latest in a series Chase has picked up for Latin American issuers in barely a month. Chase is planning to bring a $50 million issue to market next week for the Venezuelan cement company Venezolana de Cementos SA.

Heavy Demand Likely

Jorge Jasson, Chase's managing director in New York for emerging markets issues, said the issue may be increased to meet heavy demand.

On July 10, Chase obtained a mandate to lead a $250 million, two-year issue for Petrobras, Brazil's state oil company.

A Chase spokesman said the five-year bonds for Perez Companc will have a four-year grace period on amortization.

A Chase spokesman said annual interest on the bonds has been set at 9% and will be paid every six months.

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