LATAM CLOSE-No deals price in LatAm primary market

martes 31 de mayo de 2016 15:27 GYT
 

* Bladex tests new Pro-bond in Japan
    * Brazil's Eldorado to market US dollar bond
    * Argentina's Cablevision mandates on debt deal

    By Mike Gambale and Paul Kilby
    NEW YORK, May 31 (IFR) - No deals priced in the LatAm primary market on
Tuesday.
    
    Here is a snapshot of LatAm sovereign credit spreads:    
     SOVEREIGN       5/27  5/26  5/25  1D   10D   YTD    2015/16 HIGH
 ARGENTINA           471   473   473   -2    -6    -           -
 BARBADOS            651   652   647   -1    -2    47    659 (2/11/16)
 BRAZIL              365   366   363   -1    18   -121   542 (2/11/16)
 CHILE                98   100    92   -2    7     12    143 (2/11/16)
 COLOMBIA            270   272   273   -2    10   -19    412 (2/11/16)
 COSTA RICA          483   484   484   -1    -4   -34    587 (2/11/16)
 DOMINICAN REP       415   418   412   -3    4     0     542 (2/11/16)
 ECUADOR             894   904   900   -10  -45   -421  1765 (2/11/16)
 EL SALVADOR         680   681   676   -1    13    40    840 (2/11/16)
 GUATEMALA           298   298   294    0    -5    -4    385 (2/11/16)
 JAMAICA             429   430   425   -1    -6   -20    519 (2/11/15)
 MEXICO              192   196   197   -4    2     -2    278 (2/11/16)
 PANAMA              202   206   203   -4    4     -4    272 (2/11/16)
 PERU                200   202   201   -2    4    -31    291 (2/10/16)
 TRINIDAD & TOBAGO   206   208   203   -2    23   108    173 (1/15/15)
 URUGUAY             256   259   255   -3    2    -12    344 (2/11/16)
 VENEZUELA           2964  2929  2886  35   121   172   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    One-day change shows most sovereigns tighter
    Ten-day shows 11 out of 17 sovereigns wider
    Ecuador tighter by 421 YTD
    
    PIPELINE:    
    Argentina's Cablevision SA has mandated Deutsche Bank, Itau and JP Morgan on
an up to US$500m international bond sale, according to a local filing.
    Proceeds are slated to refinance existing debt and for general corporate
purposes, said Moody's, which has assigned a B3 rating to the deal. The pay TV
and internet service provider is majority-owned by media conglomerate Grupo
Clarin.
    
    Brazilian pulp and paper company Eldorado is scheduled to start roadshows
this week as it seeks to market a USD 144/Reg S bond to international investors.
    The borrower will be in London on June 2 and Switzerland on June 3. Then it
goes to Los Angeles on June 6, New York on June 7 and Boston on June 8
    
    Banco Latinoamericano de Comercio Exterior, SA (Bladex), is offering
investors an absolute coupon of 0.45%-0.47% on a three-year Japanese Pro-bond. 
    Pro-bonds are easier to issue than Samurai bonds because foreign issuers can
sell them off existing debt programmes as long as they first register them with
the Tokyo Stock exchange. 
    The bonds, expected to be rated Baa2, could price as early as Thursday. The
notes will come off its EUR2.25bn EMTN programme. MUMSS and Mizuho are joint
lead managers.
    
    Argentina's Province of Cordoba started roadshows this week with JP Morgan
and Morgan Stanley as it seeks to market a US dollar bond.
    The borrower, rated B3/B-, was to be in Los Angeles and London today, in New
York and Boston on June 1 and in New York on June 2. The deal is being done in
conjunction with an up to US$200m cash tender for the province's 12.375% 2017
bonds. Holders are being offered a purchase price of 108.25.
    
    Goldman Sachs is on the road marketing a US$500m financing package for
Colombian road project Costera. 
    The borrower is looking at dollar bonds as well as inflation-linked peso
bonds and loans, according to Fitch, which assigned a BBB- rating to the notes.

 (Reporting by Mike Gambale and Paul Kilby; Editing by Marc Carnegie)