LATAM CLOSE-No deals price in LatAm primary market

lunes 11 de julio de 2016 16:47 GYT

* Celulosa Argentina IPT 10% area
    * Deal set to price Tuesday
    * Oil hits two-month low on glut fears
    * Brazil soybean exports may not cause domestic shortage

    By Mike Gambale
    NEW YORK, July 11 (IFR) - No deals priced in the LatAm primary market on
    Here is a snapshot of LatAm sovereign spreads:
     SOVEREIGN      7/8   7/7   7/6   1D   10D  YTD    2015/16 HIGH
 ARGENTINA          494   505   499   -11   2    -           -
 BARBADOS           695   699   698   -4   37    91    659 (2/11/16)
 BRAZIL             318   329   325   -11  -39  -168   542 (2/11/16)
 CHILE               93    96    99   -3   -17   7     143 (2/11/16)
 COLOMBIA           234   239   238   -5   -24  -55    412 (2/11/16)
 COSTA RICA         430   437   443   -7   -36  -87    587 (2/11/16)
 DOMINICAN REP      378   396   402   -18  -48  -37    542 (2/11/16)
 ECUADOR            913   932   932   -19  -18  -402  1765 (2/11/16)
 EL SALVADOR        608   615   650   -7   -65  -32    840 (2/11/16)
 GUATEMALA          279   283   294   -4   -18  -23    385 (2/11/16)
 JAMAICA            447   453   459   -6   -7    -2    519 (2/11/15)
 MEXICO             176   182   181   -6   -25  -18    278 (2/11/16)
 PANAMA             185   191   191   -6   -28  -21    272 (2/11/16)
 PERU               180   186   188   -6   -28  -51    291 (2/10/16)
 TRINIDAD & TOBAGO  225   224   238    1    3   127    173 (1/15/15)
 URUGUAY            244   246   249   -2   -21  -24    344 (2/11/16)
 VENEZUELA          2661  2712  2705  -51  13   -131  3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    One-day change 16 out of 17 sovereigns tighter El Salvador tighter by 35bp
    Ten-day trend 13 out of 17 sovereigns tighter
    YTD: Brazil tighter by 168bp
    YTD: Ecuador tighter by 402bp
    Celulosa Argentina S.A., rated B3/B (Moody's/Fitch), announced a US$200m
7-year nc4 senior unsecured notes via CITI/CS. 144a/RegS. UOP: Refinance
existing debt, CAPEX, and fund working capital. Expected to price Tuesday. IPT:
10% area.
    Mexico's consumer finance lender Credito Real (BB+/BB+) has hired Barclays,
Deutsche Bank and Morgan Stanley to arrange a series of meetings with
fixed-income investors in the US, Europe and Latin America ahead of a potential
144A/Reg S US dollar-denominated bond issue. The meetings will take place in
London on July 8, Boston, Los Angeles and Lima on July 11, and New York and
Santiago on July 12.
    Proceeds from the sale will help finance a tender on Credito Real's 7.5%
2019s, on which the company has US$425m outstanding, according to Thomson
Reuters data.
    Argentina's Banco de Galicia y Buenos Aires has hired Deutsche Bank and JP
Morgan as joint bookrunners and Standard Chartered as lead manager to arrange a
series of meetings with fixed-income investors ahead of a potential 144A/Reg S
US dollar-denominated Basel III compliant Tier 2 bond issue.
    The lender is looking to raise up to US$300m through the 10-year bond sale,
according to Moody's.
    The meetings will take place in London and the West Coast on July 11, New
York and Boston on July 12 and New York on July 13.
    The Province of Chubut has hired Bank of America Merrill Lynch and BNP
Paribas to arrange a series of investor meetings ahead of a potential US
dollar-denominated bond sale.
    The borrower will visit investors in Europe and the US and wrap up meetings
on July 14.
    It is seeking to raise US$500m through amortizing notes due 2026, according
to Moody's, which assigned a B3 rating to the issue earlier this month.
    The notes will be secured by a percentage of hydrocarbon royalties to be
paid by the Argentine branch of Pan American Energy to the province, the rating
agency said.
    Argentina infrastructure company CLISA is meeting investors ahead of a bond
offering and liability management exercise. 
    The company is scheduled to visit accounts in Chile, Switzerland, London,
Boston, New York and Los Angeles between July 1 and July 13. The bond is being
done in conjunction with a cash tender for US$87.106m of outstanding 11.50%
notes due 2019.
    BCP and Santander are acting as dealer managers on the tender and leads on
the bond sale.
    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. Petrobras Argentina's is rated B3 by Moody's.
    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.

    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-.

    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)