LATAM CLOSE-No deals price in LatAm primary market

jueves 16 de junio de 2016 14:23 GYT
 

* LatAm primary on hold over Brexit
    * Petrobras Argentina preps bond, buyback
    * CPFL to use cash, debt for AES Sul buy

    By Mike Gambale and Paul Kilby
    NEW YORK, June 16 (IFR) - No deals priced in the LatAm primary market on
Thursday.
    
    Here is a snapshot of LatAm sovereign credit spreads:    
     SOVEREIGN      6/15  6/14  6/13  1D   10D  YTD    2015/16 HIGH
 ARGENTINA          498   511   509   -13  25    -          -
 BARBADOS           651   655   654   -4   -5    47   659 (2/11/16)
 BRAZIL             370   379   364   -9    8   -116  542 (2/11/16)
 CHILE              112   113   109   -1   13    26   143 (2/11/16)
 COLOMBIA           275   278   271   -3   12   -14   412 (2/11/16)
 COSTA RICA         476   479   469   -3   -8   -41   587 (2/11/16)
 DOMINICAN REP      432   430   420    2   14    17   542 (2/11/16)
 ECUADOR            944   924   920   20   55   -371  1765 (2/11/16)
 EL SALVADOR        680   679   662    1    3    40   840 (2/11/16)
 GUATEMALA          297   294   292    3    4    -5   385 (2/11/16)
 JAMAICA            451   439   433   12   23    2    519 (2/11/15)
 MEXICO             205   208   201   -3   14    11   278 (2/11/16)
 PANAMA             210   213   204   -3    7    4    272 (2/11/16)
 PERU               207   212   208   -5    7   -24   291 (2/10/16)
 TRINIDAD & TOBAGO  221   218   218    3   21   123   173 (1/15/15)
 URUGUAY            270   267   263    3   14    2    344 (2/11/16)
 VENEZUELA          2931  2951  2895  -20  -23  139   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    Ecuador wider by 20bp overnight
    Ten-day trend 14 out of 17 sovereigns wider
    YTD: Brazil tighter by 116bp
    
    PIPELINE
    Petrobras Argentina is preparing an up to US$500m bond sale to fund a tender
for all of its US$300m of outstanding 5.875% 2017s, according to a filing with
local regulators.
    The borrower is seeking to raise 10-year money and has mandated Citigroup
and Deutsche on the deal. The announcement comes after Pampa Energia agreed
earlier this year to purchase a 67.2% stake in Petrobras Argentina for US$892m. 

    Argentina's Province of Salta wrapped up roadshows this week after marketing
a 144A/Reg S bond transaction through Deutsche Bank and Citigroup. Ratings are
CCC+/B by S&P and Fitch.

    Mexican real-estate developer Grupo GICSA finished investor meetings this
week through JP Morgan and Santander. The company has been marketing a US dollar
bond, which is expected to be rated BB/BB-.

    Argentine sweets and biscuit company Arcor is looking to raise up to US$300m
through an up to 10-year bond sale.
    The borrower was last in the market in 2010, when it issued a US$200m
seven-year non-call four at par to yield 7.25% through leads JP Morgan and
Santander. 

    Celulosa Argentina is eyeing an up to US$250m seven-year bond sale,
according to a filing with local regulators. The pulp and paper company has been
in discussions with bankers from Citigroup and Credit Suisse about financing
options, the company said.

    Bolivia is hoping to sell an up to US$1bn 10-year bond in the coming months,
according to Economy Minister Luis Arce Catacora.
    Proceeds would go mainly towards investment in healthcare, specifically
hospitals. Bolivia is rated BB by S&P and Fitch and one notch lower at Ba3 by
Moody's.

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