LATAM CLOSE-No deals price in LatAm primary market

lunes 20 de junio de 2016 14:43 GYT
 

* Gol sweetens swap offer, extends deadline
    * Oi shares sink as debt deadline looms
    * Venezuela credit event likely: Moody's

    By Mike Gambale and Paul Kilby
    NEW YORK, June 20 (IFR) - No deals priced in the LatAm primary market on
Monday.
    
    Here is a snapshot of LatAm sovereign credit spreads:    
     SOVEREIGN       6/17  6/16  6/15  1D   10D  YTD    2015/16 HIGH
 ARGENTINA           498   506   498   -8   22    -          -
 BARBADOS            650   653   651   -3   13    46   659 (2/11/16)
 BRAZIL              365   374   370   -9   11   -121  542 (2/11/16)
 CHILE               105   115   112   -10  10    19   143 (2/11/16)
 COLOMBIA            271   280   275   -9   13   -18   412 (2/11/16)
 COSTA RICA          470   478   476   -8   -10  -47   587 (2/11/16)
 DOMINICAN REP       426   434   432   -8   11    11   542 (2/11/16)
 ECUADOR             960   967   944   -7   68   -355  1765 (2/11/16)
 EL SALVADOR         682   688   680   -6   10    42   840 (2/11/16)
 GUATEMALA           295   300   297   -5    0    -7   385 (2/11/16)
 JAMAICA             448   452   451   -4   16    -1   519 (2/11/15)
 MEXICO              204   208   205   -4   15    10   278 (2/11/16)
 PANAMA              210   215   210   -5    9    4    272 (2/11/16)
 PERU                202   210   207   -8    6   -29   291 (2/10/16)
 TRINIDAD & TOBAGO   223   223   221    0   12   125   173 (1/15/15)
 URUGUAY             262   271   270   -9    6    -6   344 (2/11/16)
 VENEZUELA           2971  2954  2931  17   118  179   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS
    Most LatAm sovereigns tighter overnight
    Ten-day trend: 16 of 17 sovereigns wider
    YTD: Venezuela wider by 179bp
    
    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 last 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 last
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; Editing by Marc Carnegie)