LATAM CLOSE-No deals price in LatAm primary market

jueves 23 de junio de 2016 13:01 GYT
 

* Argentina cuts US$95m settlement with Greylock
    * Timing of Oi bankruptcy raises CDS speculation
    * UBS hires new head of LatAm DCM, client solutions
    * Engie Energia Peru places local 10-year bond

    By Mike Gambale and Paul Kilby
    NEW YORK, June 23 (IFR) - No deals priced in the LatAm primary market on
Thursday.
    
    Here is a snapshot of LatAm sovereign credit spreads:
     SOVEREIGN      6/22  6/21  6/20  1D   10D   YTD    2015/16 HIGH
 ARGENTINA          474   482   484   -8   -22    -          -
 BARBADOS           649   649   645    0    6     45   659 (2/11/16)
 BRAZIL             347   351   351   -4    -3   -139  542 (2/11/16)
 CHILE               99    99   102    0    0     13   143 (2/11/16)
 COLOMBIA           252   257   260   -5    2    -37   412 (2/11/16)
 COSTA RICA         460   462   463   -2    -2   -57   587 (2/11/16)
 DOMINICAN REP      415   420   421   -5    10    0    542 (2/11/16)
 ECUADOR            927   929   929   -2    38   -388  1765 (2/11/16)
 EL SALVADOR        668   668   676    0    17    28   840 (2/11/16)
 GUATEMALA          283   284   288   -1    -5   -19   385 (2/11/16)
 JAMAICA            441   439   442    2    14    -8   519 (2/11/15)
 MEXICO             192   194   196   -2    3     -2   278 (2/11/16)
 PANAMA             202   204   203   -2    7     -4   272 (2/11/16)
 PERU               196   194   196    2    -1   -35   291 (2/10/16)
 TRINIDAD & TOBAGO  216   215   218    1    9    118   173 (1/15/15)
 URUGUAY            254   254   256    0    -1   -14   344 (2/11/16)
 VENEZUELA          2804  2896  2880  -92  -12    12   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    One-day change shows Venezuela tighter by 92bp
    Ten-day trend Ecuador wider by 38bp
    YTD: Trinidad & Tobago wider by 118bp
    
    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)