LATAM CLOSE- No deals price in LatAm primary market

miércoles 24 de febrero de 2016 13:57 GYT
 

* Brazil bonds fall on Moody's downgrade to junk
    * Argentina nears US$5bn deal with holdouts
    * Ecopetrol obtains US$300m loan

    By Mike Gambale
    NEW YORK, Feb 24 (IFR) - No deals priced in the LatAm primary market on
Wednesday.
    
    Here is a snapshot of LatAm sovereign credit spreads:    
     SOVEREIGN      2/23  2/22  2/19  1D   10D   YTD   2015/16 HIGH
 BARBADOS           656   653   655    3    2    52   659 (2/11/16)
 BRAZIL             493   495   504   -2   -35    7   542 (2/11/16)
 CHILE              114   112   117    2   -22   28   143 (2/11/16)
 COLOMBIA           354   355   361   -1   -47   65   412 (2/11/16)
 COSTA RICA         570   569   575    1    -6   53   587 (2/11/16)
 DOMINICAN REP      500   491   506    9   -30   85   542 (2/11/16)
 ECUADOR            1510  1520  1566  -10  -220  195  1765 (2/11/16)
 EL SALVADOR        770   773   801   -3   -56   130  840 (2/11/16)
 GUATEMALA          366   364   369    2   -15   64   385 (2/11/16)
 JAMAICA            487   483   488    4   -27   38   519 (2/11/15)
 MEXICO             237   237   243    0   -34   43   278 (2/11/16)
 PANAMA             240   238   246    2   -25   34   272 (2/11/16)
 PERU               268   265   273    3   -23   37   291 (2/10/16)
 TRINIDAD & TOBAGO  153   151   164    2   -17   55   173 (1/15/15)
 URUGUAY            313   311   316    2   -21   45   344 (2/11/16)
 VENEZUELA          3090  3048  3201  42   -343  298  3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    Ten-day trend shows Venezuela and Ecuador tighter by 343bp amd 220bp   
    
    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)