LATAM CLOSE-No deals price in LatAm market

lunes 6 de junio de 2016 15:49 GYT
 

* Cosan picks banks for bond, buyback
    * Peru tighter on possible Kuczynski win
    * ContourGlobal Power roadshows euro deal
    * Mexico revises guidance on Samurai

    By Mike Gambale and Paul Kilby
    NEW YORK, June 6 (IFR) - No deals priced in the LatAm primary market on
Monday.
    
    Here is a snapshot of LatAm sovereign credit spreads:     
     SOVEREIGN       6/3   6/2   6/1   1D   10D  YTD    2015/16 HIGH
 ARGENTINA           488   473   473   15   -3    -           -
 BARBADOS            665   656   652    9   16    61    659 (2/11/16)
 BRAZIL              362   362   374    0   -5   -124   542 (2/11/16)
 CHILE               100    99    95    1    5    14    143 (2/11/16)
 COLOMBIA            263   263   271    0   -15  -26    412 (2/11/16)
 COSTA RICA          485   484   481    1   -4   -32    587 (2/11/16)
 DOMINICAN REP       426   418   413    8   10    11    542 (2/11/16)
 ECUADOR             912   889   897   23   -16  -403  1765 (2/11/16)
 EL SALVADOR         682   677   673    5    9    42    840 (2/11/16)
 GUATEMALA           301   293   291    8    2    -1    385 (2/11/16)
 JAMAICA             438   428   425   10    9   -11    519 (2/11/15)
 MEXICO              193   191   193    2   -5    -1    278 (2/11/16)
 PANAMA              207   203   206    4    0    1     272 (2/11/16)
 PERU                203   200   203    3   -1   -28    291 (2/10/16)
 TRINIDAD & TOBAGO   213   200   198   13    6   115    173 (1/15/15)
 URUGUAY             261   256   258    5    3    -7    344 (2/11/16)
 VENEZUELA           2877  2954  2978  -77  -48   85   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    One-day changes has most sovereigns wider, except Venezuela
    YTD: Nine out of 16 sovereigns tighter
     
    PIPELINE: 
    Brazilian conglomerate Cosan will hold a one-day roadshow this week as it
seeks to market a 144A/RegS bond deal after mandating Bank of America Merrill
Lynch, Bradesco, Citigroup, HSBC, Itau and Santander.
    The borrower will meet investors on June 8 in New York, London, Boston and
Los Angeles. The company, which is involved in bioethanol, sugar, energy and
foods, is rated Ba2/BB/BB+ with negative outlooks from all three major rating
agencies.
    The deal is being done in conjunction with a consent solicitation and tender
for any and all of its US$500m of 5% 2023s and its BRL850m (US$243m) of 9.5%
2018s.
    Holders who tender by the early bird date of June 17 will receive a tender
price of 96.00 on the 2023s and 95.00 on the 2018s. Thereafter but before
expiration of July 1, those prices dropped to 93.00 and 92.00 respectively. 

    Energy company ContourGlobal Power Holdings (BB-/BB-) has mandated Goldman
Sachs for a 550m senior secured 5NC2 trade.
    Roadshow will head to London on June 6 and 7, Paris and Frankfurt on June 8
and Milan on June 9.
    The company has also launched a cash tender on its 7.125% senior secured
2019s. ContourGlobal is offering US$1,037.51 for every US$1,000 tendered.
    
    The Government of the United Mexican States (A3/BBB+/BBB+) have revised
guidance on its latest Samurai offering.
    The sovereign has narrowed talk on the three-year tranche to 0.40%-0.45%
from 0.40%-0.50%, while tightening the five-year notes to a range of 0.70%-0.75%
from 0.70%-0.80%.
    Daiwa, Mitsubishi UFJ Morgan Stanley and Nomura are joint lead managers.The
transaction is expected to price as early as Thursday.
    Mexico's last Samurai was a ¥60bn (US$592m) print in July 2014 that included
its first 20-year tranche.
    Mexican real estate investment trust Fibra Uno started roadshows this week
as it seeks to market a potential US dollar 144A/Reg S bond.
    The borrower was in London and Los Angeles on Monday and will wrap up
investors meeting in Boston and New York on Tuesday. BBVA, Deutsche Bank,
Goldman Sachs and Santander have been mandated as leads. Ratings are Baa2/BBB by
Moody's and Fitch.

    Mexican real estate investment trust Fibra Uno will start roadshows next
week as it seeks to market a potential US dollar 144A/Reg S bond.
    The borrower will be in London and Los Angeles on June 6 and in Boston and
New York on June 7. BBVA, Deutsche Bank, Goldman Sachs and Santander have been
mandated as leads. Ratings are Baa2/BBB by Moody's and Fitch.

    Argentina's Cablevision SA is on the road to market an up to US$500m bond
sale through leads Deutsche Bank, Itau and JP Morgan.
    It was to be in New York and Boston on Friday. Next week it is in London on
June 6 and back to New York 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 has mandated Bank of America
Merrill Lynch, Credit Suisse, BB Securities and Santander to market a USD
144/Reg S bond to international investors.
    The borrower was to be in Switzerland on Friday and then head to Los Angeles
on June 6, New York on June 7 and Boston on June 8
    
    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)