LATAM CLOSE-No deals price in LatAm primary market

miércoles 12 de octubre de 2016 14:19 GYT
 

* UN revises down growth forecast in LatAm, Caribbean
    * Mexico industrial output shrunk in August
    * This week's volume at US$1.665bn

    By Mike Gambale
    NEW YORK, Oct 12 (IFR) - No deals priced in the LatAm primary market on
Wednesday.
     
    Below is a snapshot of LatAm sovereign credit spreads:
     SOVEREIGN       10/11  10/7   10/6  1D   10D   YTD    2015/16 HIGH
 ARGENTINA            442    437   436    5    9     -          -
 BARBADOS             630    632   632   -2    0     26   659 (2/11/16)
 BRAZIL               291    292   292   -1    0    -195  542 (2/11/16)
 CHILE                60     64     63   -4    1    -26   143 (2/11/16)
 COLOMBIA             209    209   208    0    1    -80   412 (2/11/16)
 COSTA RICA           387    387   387    0    0    -130  587 (2/11/16)
 DOMINICAN REP        360    353   352    7    1    -55   542 (2/11/16)
 ECUADOR              821    837   846   -16   -9   -494  1765 (2/11/16)
 EL SALVADOR          562    515   528   47   -13   -78   840 (2/11/16)
 GUATEMALA            243    244   243   -1    1    -59   385 (2/11/16)
 JAMAICA              376    380   380   -4    0    -73   519 (2/11/15)
 MEXICO               164    166   168   -2    -2   -30   278 (2/11/16)
 PANAMA               147    145   143    2    2    -59   272 (2/11/16)
 PERU                 137    137   135    0    2    -94   291 (2/10/16)
 TRINIDAD & TOBAGO    208    210   207   -2    3    110   173 (1/15/15)
 URUGUAY              213    214   211   -1    3    -55   344 (2/11/16)
 VENEZUELA           2092   2103   1976  -11  127   -700  3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    One-day change mixed
    Ten-day trend mixed
    YTD: Colombia tighter by 80bp
    YTD: Jamaica tighter by 73bp
    YTD: Uruguay tighter by 55bp    
    
    PIPELINE:
    LATAM Airlines Group S.A. ("LATAM", NYSE: LFL), a Chile-based airline group,
mandated Citi and J.P. Morgan as global coordinators and joint bookrunners and
BNPP, BofAML, Deutsche Bank, and Santander as joint bookrunners to arrange a
series of fixed income investor meetings in Chile, Europe, and the US commencing
on October 12. A USD-denominated benchmark 144A/Reg S 7-year offering is
expected to follow, subject to market conditions.
    Meeting schedule as follows: October 12, Santiago; October 14, Los Angeles;
October 17, London; October 18, Boston; October 19, New York. 
    
    Global Bank, from Panama, is preparing a possible senior unsecured note. The
issuer was in Boston on Wednesday and Los Angeles on Thursday. Ratings are
Ba1/BBB-/BBB-. 
    The deal is being done in conjunction with a tender for its outstanding 2017
covered bonds. Citigroup, Deutsche Bank and JP Morgan have been mandated as
leads, with UBS coming in as co-manager.
        
    Nafin, a Mexican development bank, has wrapped up roadshows, as it looks to
market a potential US dollar bond through Bank of America Merrill Lynch and
HSBC. The issuer is rated A3/BBB+/BBB+.   
            
    The Republic of Suriname (B1/B+/B+) is continuing to roadshow this week for
a potential debut 144A/Reg S bond offering.
    The borrower was in London on Tuesday and was due in Boston on Wednesday,
before going to the mid-Atlantic coast on October 13 and the West Coast on
October 14. Roadshows will finish in New York on October 17 and 18. Oppenheimer
and Scotiabank have been mandated to organize the meetings.
    

 (Reporting by Mike Gambale; Editing by Marc Carnegie)