LATAM CLOSE-No deals price in LatAm primary market

martes 8 de marzo de 2016 17:36 GYT
 

* Prov of Buenos Aires eyeing 7-year bond this week
    * Expected to raise US$750m-1bn, offer a 9.00-9.50% yield
    * Cemex gets ok to modify credit agreement
    * Venezuela pays drug makers with bonds

    By Mike Gambale
    NEW YORK, March 8 (IFR) - No deals price in LatAm primary market on Tuesday.
 
    Here is a snapshot of LatAm sovereign credit spreads:  
     SOVEREIGN      3/7   3/4   3/3   1D   10D   YTD   2015/16 HIGH
 BARBADOS           641   642   648   -1   -15   37   659 (2/11/16)
 BRAZIL             424   415   434    9   -69   -62  542 (2/11/16)
 CHILE               86    85    88    1   -28    0   143 (2/11/16)
 COLOMBIA           305   305   312    0   -49   16   412 (2/11/16)
 COSTA RICA         510   518   525   -8   -60   -7   587 (2/11/16)
 DOMINICAN REP      444   442   446    2   -56   29   542 (2/11/16)
 ECUADOR            1349  1380  1403  -31  -161  34   1765 (2/11/16)
 EL SALVADOR        643   644   647   -1   -127   3   840 (2/11/16)
 GUATEMALA          317   321   332   -4   -49   15   385 (2/11/16)
 JAMAICA            467   471   476   -4   -20   18   519 (2/11/15)
 MEXICO             206   206   212    0   -31   12   278 (2/11/16)
 PANAMA             198   196   200    2   -42   -8   272 (2/11/16)
 PERU               226   222   230    4   -42   -5   291 (2/10/16)
 TRINIDAD & TOBAGO  182   183   189   -1    29   84   173 (1/15/15)
 URUGUAY            267   268   274   -1   -46   -1   344 (2/11/16)
 VENEZUELA          3000  3027  2981  -27  -90   208  3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    Ten-day trend shows all sovereign credits tighter
    Sovereigns tighter YTD: Brazil, Costa Rica, Panama, Peru and Uruguay
    
    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 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)