LATAM CLOSE-No deals price in LatAm primary market

miércoles 1 de junio de 2016 15:23 GYT
 

* Cablevision roadshow starts Thursday
    * Petrobras extends deadline, ups tender price
    * Bladex revises guidance on Pro-bond

    By Mike Gambale and Paul Kilby
    NEW YORK, June 1 (IFR) - No deals priced in the LatAm primary market on
Wednesday.
    
    Here is a snapshot of LatAm sovereign credit spreads:     
     SOVEREIGN      5/31  5/27   5/26   1D   10D  YTD    2015/16 HIGH
 ARGENTINA          481    471   473    10    0    -          -
 BARBADOS           652    651   652    1    -1    48   659 (2/11/16)
 BRAZIL             380    365   366    15   33   -106  542 (2/11/16)
 CHILE               96    98    100    -2    5    10   143 (2/11/16)
 COLOMBIA           274    270   272    4    14   -15   412 (2/11/16)
 COSTA RICA         482    483   484    -1   -4   -35   587 (2/11/16)
 DOMINICAN REP      411    415   418    -4    1    -4   542 (2/11/16)
 ECUADOR            868    894   904   -26   -49  -447  1765 (2/11/16)
 EL SALVADOR        679    680   681    -1   17    39   840 (2/11/16)
 GUATEMALA          292    298   298    -6   -10  -10   385 (2/11/16)
 JAMAICA            429    429   430    0    -5   -20   519 (2/11/15)
 MEXICO             196    192   196    4     7    2    278 (2/11/16)
 PANAMA             207    202   206    5     6    1    272 (2/11/16)
 PERU               205    200   202    5    10   -26   291 (2/10/16)
 TRINIDAD & TOBAGO  206    206   208    0    24   108   173 (1/15/15)
 URUGUAY            259    256   259    3     7    -9   344 (2/11/16)
 VENEZUELA          2988  2964   2929   24   103  196   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    Ten-day trend has Ecuador tighter by 49bp, Venezuela wider by 103bp
    YTD: Nine out of 16 sovereigns tighter
    
    PIPELINE: 
    Argentina's Cablevision SA will start roadshows this week as it seeks to
market an up to US$500m bond sale through leads Deutsche Bank, Itau and JP
Morgan.
    The borrower will be in Los Angeles on Thursday and will then head to New
York and Boston on Friday. Next week it will be in London on June 6 and back in
New York again on June 7.
    Expected ratings are B3/B+. Proceeds to refinance existing debt and for
general corporate purposes, according to Moody's. 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), revised guidance on
a three-year Japanese Pro-bond to 0.46% after offering an absolute coupon of
0.45%-0.47% earlier this week.
    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 in New York and Boston on Wednesday and will
wrap up in New York on Thursday.
    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)