CORRECTED-LATAM CLOSE- Peru taps euro market for EUR1bn

martes 23 de febrero de 2016 17:35 GYT
 

(CORRECTS HEADLINE TO SHOW THE TRADE SIZE WAS EUR1BN NOT US$1BN)
    * Peru widens investor base with new euro trade
    * PDVSA says in talks over debt refinancing
    * CPFL Energia markets US$300m term loan

    By Mike Gambale and Anthony Rodriguez
    NEW YORK, Feb 23 (IFR) - One deal priced in the LatAm primary market on
Tuesday.
    
    Number of deals priced: 1
    Total issuance volume: EUR1bn
    
    PERU
    Peru mandated BBVA, BNP Paribas and HSBC to arrange a global investor call
at 10:30 am London time for a euro-denominated trade. An SEC-Registered
transaction followed. Peru is rated A3/BBB+/BBB+.
    IPTs: MS+300bp area
    GUIDANCE: MS+295-300bp
    LAUNCH: MS+295bp
    PRICED: EUR1bn 14-year: 99.753; 3.75%C; 3.773%; MS+295bp. Settlement March 1
2016; Matures March 1 2030
    BOOK: EUR1.5bn
    NICs: 5-10bp
    
    Here is a snapshot of LatAm sovereign credit spreads: 
     SOVEREIGN      2/22  2/19   2/18     1D    10D   YTD     2015/16 HIGH
 BARBADOS           653    655    654     -2     3     49    659 (2/11/16)
 BRAZIL             495    504    515     -9    -30    9     542 (2/11/16)
 CHILE              112    117    118     -5    -21    26    143 (2/11/16)
 COLOMBIA           355    361    366     -6    -51    66    412 (2/11/16)
 COSTA RICA         569    575    574     -6     1     52    587 (2/11/16)
 DOMINICAN REP      491    506    503    -15    -41    76    542 (2/11/16)
 ECUADOR            1520  1566   1580    -46    -165  205    1765 (2/11/16)
 EL SALVADOR        773    801    802    -28    -48   133    840 (2/11/16)
 GUATEMALA          364    369    367     -5    -14    62    385 (2/11/16)
 JAMAICA            483    488    494     -5    -29    34    519 (2/11/15)
 MEXICO             237    243    248     -6    -33    43    278 (2/11/16)
 PANAMA             238    246    244     -8    -27    32    272 (2/11/16)
 PERU               265    273    277     -8    -22    34    291 (2/10/16)
 TRINIDAD & TOBAGO  151    164    166    -13    -19    53    173 (1/15/15)
 URUGUAY            311    316    317     -5    -20    43    344 (2/11/16)
 VENEZUELA          3048  3201   3104    -153   -280  256    3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index    
    
    SPREAD TRENDS: 
    Venezuela tightens by 153bp overnight
        
    LATAM PIPELINE:
    The province of Buenos Aires is expected to come with a deal after local
papers reported Citibank, JP Morgan and HSBC have been mandated on an up to
US$500m bond deal for which the borrower hopes to pay anywhere between 9%-9.5%.
    The province of Mendoza is looking to raise US$300m in both the local and
international markets to refinance debt, according to local reports. 
    And while Neuquen province is in less of a rush thanks to tax receipts from
the federal government, it too is contemplating a bond issue. 
    The United Mexican States has filed an up to US$10bn debt shelf with the US
Securities and Exchange Commission. Proceeds will be used for general purposes,
including refinancing and the repurchase of debt.
    Argentine E&P company Medanito has wrapped up roadshows ahead of a possible
transaction through Itau and UBS. Expected rating is CCC+ by Fitch.
    Concesion Pacifico Tres, a toll-road concession in Colombia, wrapped up a
roadshow through Goldman Sachs. The company is looking to raise up to US$272m of
bonds, according to Fitch, which has rated the senior secured bonds BBB-.
    Pacifico Tres is jointly owned by Construcciones El Condor SA, Mario Alberto
Huertas Cotes, and Constructora MECO SA. Structure Banca de Inversion is acting
as its financial advisor.
    Argentina utility Pampa Energia's shareholders have approved a US$500m debt
program.
    Uruguay plans to raise up to US$1.5bn in bonds this year.
    Colombia hopes to issue US dollar or euro-denominated bonds soon, the
country's finance minister has told market participants. 

 (Reporting By Michael Gambale; editing by Shankar Ramakrishnan)