LATAM CLOSE-No deals price in LatAm primary market

martes 28 de junio de 2016 15:30 GYT
 

* Argentina to offer investors option to retire GDP warrants
    * Mexico CenBank seen hiking rates after peso slump
    * Brazil consumer confidence rises in June to highest in a year

    By Mike Gambale and Paul Kilby
    NEW YORK, June 28 (IFR) - No deals priced in LatAm primary market on
Tuesday.
    
    Here is a snapshot of LatAm sovereign credit spreads:  
     SOVEREIGN       6/27  6/24  6/23  1D  10D   YTD    2015/16 HIGH
 ARGENTINA           511   492   462   19   0     -          -
 BARBADOS            667   658   643   9    12    63   659 (2/11/16)
 BRAZIL              365   357   337   8   -14   -121  542 (2/11/16)
 CHILE               117   110    93   7    4     31   143 (2/11/16)
 COLOMBIA            270   258   244   12   -8   -19   412 (2/11/16)
 COSTA RICA          477   466   451   11   -2   -40   587 (2/11/16)
 DOMINICAN REP       433   426   402   7    3     18   542 (2/11/16)
 ECUADOR             953   931   919   22   29   -362  1765 (2/11/16)
 EL SALVADOR         686   673   656   13   7     46   840 (2/11/16)
 GUATEMALA           308   297   276   11   14    6    385 (2/11/16)
 JAMAICA             460   454   433   6    21    11   519 (2/11/15)
 MEXICO              212   201   186   11   4     18   278 (2/11/16)
 PANAMA              224   213   193   11   11    18   272 (2/11/16)
 PERU                218   208   191   10   6    -13   291 (2/10/16)
 TRINIDAD & TOBAGO   231   222   206   9    13   133   173 (1/15/15)
 URUGUAY             275   265   244   10   8     7    344 (2/11/16)
 VENEZUELA           2709  2648  2657  61  -242  -83   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index

    SPREAD TRENDS:
    One-day shows all LatAm sovereigns wider
    Ten-day trend 13 out of 17 sovereigns flat to wider
    YTD: Venezuela 83bp tighter
    
    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. 

    Argentine power company Pampa Energia will also hire four banks to lead a
new international bond sale that will refinance debt taken out to fund its
acquisition of Petrobras's Argentine assets.
    The company plans to hire Deutsche Bank, Citigroup, ICBC and Banco Galicia
to lead the bond sale, which will refinance a US$700m bridge loan extended by
the same lenders, Pampa chairman Marcelo Mindlin told IFR.

    Argentina's Province of Salta has wrapped up roadshows 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 has finished investor meetings
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+, finished roadshows
Tuesday in New York ahead of a possible 144A/RegS bond through Itau BBA, JP
Morgan and Santander. 
    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)