LATAM CLOSE-One issuer raises US$50m in LatAm primary

jueves 18 de agosto de 2016 16:23 GYT
 

* Salta tops up with US$50m tap of the 2024s
    * Rush of LatAm primary issuance expected post Labor Day
    * Oi shares up as potential suitor announces advisory team

    By Paul Kilby and Anthony Rodriguez
    NEW YORK, Aug 18 (IFR) - Below is a recap of primary issuance activity in
the LatAm primary market on Thursday:
     
    Number of deals priced: 1
    Total issuance: US$50m
    
    PROVINCE OF SALTA
    Argentina's Province of Salta has announced on an up to 
    US $50m tap of its 9.125% 2024 bond ahead of pricing on 
    Thursday. The bond has a seven-year average life and
    amortizes equally in 2022, 2023 and 2024. The senior
    unsecured bond is rated B-/B. Citigroup and Deutsche Bank
    are acting as leads.
    INITIAL PRICE GUIDANCE: 8.00% area
    FINAL GUIDANCE: 7.875% (+/- 1/8)
    LAUNCH: US$50m at 7.75%
    PRICED: US$50m tap of 9.125% 2024: 107.179; 7.75% Settlement Aug 25 2016,
    Final Maturity 7 July 2024

    Here is a snapshot of LatAm sovereign spreads: 
     SOVEREIGN      8/17   8/16  8/15   1D  10D    YTD    2015/16 HIGH
 ARGENTINA           427   419    425   8   -44     -          -
 BARBADOS            662   663    666   -1  -10    58    659 (2/11/16)
 BRAZIL              274   270    276   4   -30   -212   542 (2/11/16)
 CHILE               59     58    62    1   -17    -27   143 (2/11/16)
 COLOMBIA            199   197    202   2   -34    -90   412 (2/11/16)
 COSTA RICA          390   385    393   5   -21   -127   587 (2/11/16)
 DOMINICAN REP       331   324    327   7   -30    -84   542 (2/11/16)
 ECUADOR             889   893    903   -4  -52   -426   1765 (2/11/16)
 EL SALVADOR         496   499    503   -3  -11   -144   840 (2/11/16)
 GUATEMALA           228   228    229   0   -22    -74   385 (2/11/16)
 JAMAICA             380   378    381   2   -34    -69   519 (2/11/15)
 MEXICO              158   158    160   0   -19    -36   278 (2/11/16)
 PANAMA              154   156    158   -2  -21    -52   272 (2/11/16)
 PERU                152   154    158   -2  -25    -79   291 (2/10/16)
 TRINIDAD & TOBAGO   192   190    196   2   -14    94    173 (1/15/15)
 URUGUAY             209   207    211   2   -22    -59   344 (2/11/16)
 VENEZUELA          2606   2610  2650   -4  -105  -186   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS
    Ten-day trend all sovereigns tighter
    YTD: Barbados wider by 58bp
    YTD: Costa Rica tighter by 127bp
    YTD: Panama tighter by 52bp
    
    PIPELINE
    None

 (Reporting by Anthony Rodriguez and Paul Kilby; Editing by Shankar
Ramakrishnan)