LATAM CLOSE-No deals price in LatAm primary

lunes 17 de octubre de 2016 14:59 GYT
 

* Santa Fe hires banks for potential US$250m bond
    * PDVSA bond swap expires at midnight
    * Chile, Argentina announce tax accord
    * Banco Nacion lowers rates in bet on falling inflation

    By Mike Gambale
    NEW YORK, Oct 17 (IFR) - No deals priced in the LatAm primary market on
Monday.
    
    Below is a snapshot of LatAm sovereign credit spreads:
     SOVEREIGN      10/14  10/13  10/12  1D   10D   YTD    2015/16 HIGH
 ARGENTINA           440    438    440    2    13    -           -
 BARBADOS            622    632    628   -10  -23    18    659 (2/11/16)
 BRAZIL              282    287    288   -5    -7   -204   542 (2/11/16)
 CHILE               67     69     65    -2    -6   -19    143 (2/11/16)
 COLOMBIA            204    209    209   -5    4    -85    412 (2/11/16)
 COSTA RICA          381    390    386   -9    -9   -136   587 (2/11/16)
 DOMINICAN REP       359    364    366   -5    19   -56    542 (2/11/16)
 ECUADOR             797    825    827   -28  -87   -518  1765 (2/11/16)
 EL SALVADOR         505    547    556   -42   26   -135   840 (2/11/16)
 GUATEMALA           241    245    241   -4    -4   -61    385 (2/11/16)
 JAMAICA             368    373    377   -5   -13   -81    519 (2/11/15)
 MEXICO              163    164    162   -1   -21   -31    278 (2/11/16)
 PANAMA              144    150    145   -6   -10   -62    272 (2/11/16)
 PERU                138    137    137    1    -6   -93    291 (2/10/16)
 TRINIDAD & TOBAGO   210    214    206   -4    -8   112    173 (1/15/15)
 URUGUAY             213    218    211   -5    -5   -55    344 (2/11/16)
 VENEZUELA          2256   2163   2129   93   134   -536  3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS
    One-day change: most sovereigns tighter
    Ten-day trend: 12 of 17 tighter
    YTD: Costa Rica tighter by 136bp
    YTD: Mexico tighter by 31bp
    YTD: Venezuela tighter by 536bp
    
    PIPELINE:
    The Argentine Province of Santa Fe has hired banks to arrange investor
meetings in the US and Europe ahead of a potential US$250m bond sale, according
to market sources. The meetings will take place in London on Wednesday, New York
on Thursday and Friday, and wrap up in Boston on October 24. A 144A/Reg S issue
is expected to follow. JP Morgan is the global coordinator on the potential
sale, joined by Citigroup and HSBC as bookrunners.
    
    Enersis Americas SA, Baa3/BBB, one of the main privately owned multinational
power Corporations in South America, will start roadshows this week to market a
possible US dollar-denominated senior unsecured benchmark bond.
    The borrower will be in London on October 17, Boston on October 18 and in
New York on October 19. The borrower has mandated BBVA, Citigroup, JP Morgan,
Morgan Stanley as joint bookrunners to arrange the meetings. JP Morgan is
coordinating. 
    
    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. A
USD-denominated benchmark 144A/Reg S 7-year offering is expected to follow,
subject to market conditions.
    Meeting schedule: October 12, Santiago; October 14, Los Angeles; October 17,
London; October 18, Boston; October 19, New York. 
        
    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 for a
potential debut 144A/Reg S bond offering. 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 and Davide Scigliuzzo; Editing by Marc Carnegie)