LATAM CLOSE-No deals price in LatAm primary market
* 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 Monday. 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 SPREAD TRENDS: 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 PIPELINE: 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)
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