LATAM CLOSE-America Movil taps LatAm primary with Euro 2-part
* America Movil sell first deal in LatAm in 9 days * America Movil sees 10bp in price progression * Rally in oil boosts LatAm sentiment * Lula detention on Friday seen as sweeping of old guard By Mike Gambale NEW YORK, March 7 (IFR) - Below is a recap of primary issuance activity in the Latin America market on Monday: Number of deals priced: 1 Total issuance volume: EUR1.5bn AMERICA MOVIL America Movil (A2/A-/A) launched a EUR1.5bn dual-trade offering, raising EUR850m through an eight-year note and EUR650m through a 12-year tranche. The eight-year priced at 120bp over mid-swaps, 10bp inside IPTs and at the tight end of guidance. The 12-year priced at plus 150bp and was also 10bp inside IPTs and the tight end of guidance. Joint-leads are Citi, HSBC and SG CIB. Here is a snapshot of LatAm sovereign credit spreads: SOVEREIGN 3/4 3/3 3/2 1D 10D YTD 2015/16 HIGH BARBADOS 642 648 645 -6 -11 38 659 (2/11/16) BRAZIL 415 434 458 -19 -80 -71 542 (2/11/16) CHILE 85 88 90 -3 -27 -1 143 (2/11/16) COLOMBIA 305 312 326 -7 -50 16 412 (2/11/16) COSTA RICA 518 525 536 -7 -51 1 587 (2/11/16) DOMINICAN REP 442 446 448 -4 -49 27 542 (2/11/16) ECUADOR 1380 1403 1382 -23 -140 65 1765 (2/11/16) EL SALVADOR 644 647 638 -3 -129 4 840 (2/11/16) GUATEMALA 321 332 333 -11 -43 19 385 (2/11/16) JAMAICA 471 476 473 -5 -12 22 519 (2/11/15) MEXICO 206 212 215 -6 -31 12 278 (2/11/16) PANAMA 196 200 200 -4 -42 -10 272 (2/11/16) PERU 222 230 230 -8 -43 -9 291 (2/10/16) TRINIDAD & TOBAGO 183 189 187 -6 32 85 173 (1/15/15) URUGUAY 268 274 273 -6 -43 0 344 (2/11/16) VENEZUELA 3027 2981 2979 46 -21 235 3713 (2/12/16) Source: Bank of America Merrill Lynch Master Index SPREAD TRENDS: Except for Venezuela, one-day change shows all LatAm sovereigns tighter Ten-day trend shows Ecuador, El Salvador and Brazil tightening the most Sovereigns tighter YTD: Brazil, Panama, Peru and Chile LATAM PIPELINE: Raizen Energy launched a cash tender offer on its 7% due 2017 notes, according to a regulatory statement. The Brazilian company plans to buy up to US$200m of the outstanding US$400m notes. Raizen is seeking to buy the bonds back at 100.25, with a US$30 early bird incentive added. The early deadline is March 4, with the final deadline on March 18. Citigroup, Credit Agricole and JP Morgan are the dealer arrangers. Argentina will sell US$11.68bn worth of 5-, 10- and 30-year bonds under U.S. law in mid April if Congress swiftly approves a debt deal for holdout creditors, top finance ministry officials told Congress on Friday. Finance Secretary Luis Caputo told lawmakers who will debate the debt agreement that the bonds would carry an interest rate in the region of 7.5 percent. Colombia has mandated BBVA, Goldman Sachs and JP Morgan to organize meeting with fixed-income investors in Europe to discuss opportunities in the capital markets this year. Finance Minister Mauricio Cardenas will attend the meetings, which start on March 8 in London. Discussions continue in Germany on March 9, the Netherlands on March 10 and in London again on March 11. Ratings are Baa2/BBB/BBB (stable/negative/stable) by Moody's, S&P and Fitch. The Province of Buenos Aires will start fixed-income investor meetings this week in Europe and the U.S. as it seeks to market a potential US dollar bond. The issuer has mandated Citigroup, HSBC and JP Morgan to take it on the road and is scheduled to visit investors in London on March 4, New York on March 7 and Boston and Los Angeles on March 8. Ratings are Caa2/B-/B- (positive/stable/stable). It could be an up to US$500m deal and could carry a yield of between 9%-9.5%. The board of Argentine real estate developer IRSA has approved the issuance of up to US$470m of debt, according to a filing with local regulators. The Province of Mendoza is looking to raise US$300m in both the local and international markets to refinance debt, according to local reports. Neuquen province is contemplating a bond issue. The United Mexican States has filed an up to US$10bn debt shelf with the US Securities and Exchange Commission. Proceeds will be used for general purposes, including refinancing and the repurchase of debt. Argentine E&P company Medanito has wrapped up roadshows ahead of a possible transaction through Itau and UBS. Expected rating is CCC+ by Fitch. Concesion Pacifico Tres, a toll-road concession in Colombia, wrapped up a roadshow through Goldman Sachs. The company is looking to raise up to US$272m of bonds, according to Fitch, which has rated the senior secured bonds BBB-. Pacifico Tres is jointly owned by Construcciones El Condor SA, Mario Alberto Huertas Cotes, and Constructora MECO SA. Banca de Inversion is acting as its financial advisor. Argentina utility Pampa Energia's shareholders have approved a US$500m debt program. Uruguay plans to raise up to US$1.5bn in bonds this year. Fomento Economico Mexicano, S.A.B. de C.V. (FEMSA), rated A- and A by S&P and Fitch, respectively, has mandated BBVA, Credit Suisse and Deutsche Bank to arrange a series of fixed income investor meetings in Europe. The investor meetings are expected to take place in the week commencing March 7 2016. A euro-denominated bond transaction may follow subject to market conditions. (Reporting By Michael Gambale; editing by Shankar Ramakrishnan)
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