LATAM CLOSE-No deals price in LatAm primary market

lunes 18 de julio de 2016 15:41 GYT
 

* EM looks cheap in low-yield environment: BlackRock
    * PDVSA looks to securitize oil services debts
    * Brazil bounce boosts LatAm-focused equity funds

    By Mike Gambale
    NEW YORK, July 18 (IFR) - No deals priced in the LatAm primary market on
Monday.
        
    Here is a snapshot of LatAm sovereign spreads:
     SOVEREIGN       7/15  7/14  7/13  1D   10D   YTD    2015/16 HIGH
 ARGENTINA           460   466   470   -6   -28    -          -
 BARBADOS            677   683   687   -6   -13    73   659 (2/11/16)
 BRAZIL              302   305   305   -3   -19   -184  542 (2/11/16)
 CHILE                67    73    77   -6   -29   -19   143 (2/11/16)
 COLOMBIA            218   220   224   -2   -21   -71   412 (2/11/16)
 COSTA RICA          395   401   410   -6   -53   -122  587 (2/11/16)
 DOMINICAN REP       356   356   359    0   -45   -59   542 (2/11/16)
 ECUADOR             884   905   917   -21  -66   -431  1765 (2/11/16)
 EL SALVADOR         550   562   577   -12  -110  -90   840 (2/11/16)
 GUATEMALA           237   243   252   -6   -55   -65   385 (2/11/16)
 JAMAICA             401   411   420   -10  -61   -48   519 (2/11/15)
 MEXICO              167   169   171   -2   -17   -27   278 (2/11/16)
 PANAMA              163   168   170   -5   -29   -43   272 (2/11/16)
 PERU                165   170   173   -5   -24   -66   291 (2/10/16)
 TRINIDAD & TOBAGO   201   210   215   -9   -32   103   173 (1/15/15)
 URUGUAY             229   234   238   -5   -16   -39   344 (2/11/16)
 VENEZUELA           2609  2657  2672  -48  -97   -183  3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS
    One-day change shows all asset classes flat to tighter
    Ten-day trend: all sovereigns tighter
    YTD: Brazil tighter by 184bp
    YTD: Uruguay tighter by 39bp
    
    PIPELINE
    Argentine electric utility company Albanesi has picked banks to meet
investors as it seeks to market a possible 144A/Reg S US dollar bond.
    Fixed-income investor meetings started last week through global coordinators
and joint bookrunners Credit Suisse and JP Morgan. UBS has also been selected as
a joint bookrunner. Expected ratings are B3/B+ by Moody's and Fitch.
    
    The Province of Chubut has wrapped up investors meetings after mandating
Bank of America Merrill Lynch and BNP Paribas ahead of a potential US
dollar-denominated bond sale.
    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.
    
    Argentine power company Pampa Energia plans to 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.
    
    Mexican real-estate developer Grupo GICSA has finished investor meetings
through JP Morgan and Santander. The company had 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 Marc Carnegie)