LATAM CLOSE-No deals price in LatAm primary market

miércoles 22 de junio de 2016 15:38 GYT
 

* Arcor to start roadshow to market bond
    * Marfrig announces tender results
    * Political rumors help PDVSA rally

    By Mike Gambale and Paul Kilby
    NEW YORK, June 22 (IFR) - No deals priced in the LatAm primary market on
Wednesday.
    
    Here is a snapshot of LatAm sovereign credit spreads:        
     SOVEREIGN      6/21  6/20  6/17  1D  10D  YTD    2015/16 HIGH
 ARGENTINA          482   484   498   -2  -6    -          -
 BARBADOS           649   645   650   4    9    45   659 (2/11/16)
 BRAZIL             351   351   365   0    6   -135  542 (2/11/16)
 CHILE               99   102   105   -3   3    13   143 (2/11/16)
 COLOMBIA           257   260   271   -3  11   -32   412 (2/11/16)
 COSTA RICA         462   463   470   -1  -7   -55   587 (2/11/16)
 DOMINICAN REP      420   421   426   -1  16    5    542 (2/11/16)
 ECUADOR            929   929   960   0   43   -386  1765 (2/11/16)
 EL SALVADOR        668   676   682   -8   9    28   840 (2/11/16)
 GUATEMALA          284   288   295   -4  -6   -18   385 (2/11/16)
 JAMAICA            439   442   448   -3  14   -10   519 (2/11/15)
 MEXICO             194   196   204   -2   8    0    278 (2/11/16)
 PANAMA             204   203   210   1   13    -2   272 (2/11/16)
 PERU               194   196   202   -2   0   -37   291 (2/10/16)
 TRINIDAD & TOBAGO  215   218   223   -3   9   117   173 (1/15/15)
 URUGUAY            254   256   262   -2   1   -14   344 (2/11/16)
 VENEZUELA          2896  2880  2971  16  112  104   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    Most LatAm sovereigns tighter overnight
    Ten-day trend 14 out of 17 sovereigns wider
    YTD: Brazil tighter by 135bp
    
    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 confectionery company Arcor, rated B1/B+, will start roadshows on
Friday to market a possible 144A/RegS bond through Itau BBA, JP Morgan and
Santander.
    
    The company will be in New York and Los Angeles on Friday and will head to
London and Boston on June 27 and wraps up in New York on June 28. 
    
    Proceeds are going to fund a tender for any and all of its outstanding 7.25%
2017s. Holders are being offered a purchase price of 101.813 if they validly
tender by the expiration date of July 1. 

    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 Shankar Ramakrishnan)