LATAM CLOSE-No deals price in LatAm primary market

jueves 25 de febrero de 2016 18:21 GYT
 

* Ecuador to struggle to close funding gap
    * Oi bonds sink on collapse of merger talks
    * Pemex launches debt exchange
    * Moody's downgrades BR Malls, BRF and Odebrecht

    By Mike Gambale
    NEW YORK, Feb 25 (IFR) - No deals priced in the LatAm primary market on
Thursday.
    
    Here is a snapshot of LatAm sovereign credit spreads:        
     SOVEREIGN      2/24  2/23  2/22  1D   10D   YTD   2015/16 HIGH
 BARBADOS           656   656   653    0    -3   52   659 (2/11/16)
 BRAZIL             478   493   495   -15  -64   -8   542 (2/11/16)
 CHILE              110   114   112   -4   -33   24   143 (2/11/16)
 COLOMBIA           348   354   355   -6   -64   59   412 (2/11/16)
 COSTA RICA         568   570   569   -2   -19   51   587 (2/11/16)
 DOMINICAN REP      494   500   491   -6   -48   79   542 (2/11/16)
 ECUADOR            1498  1510  1520  -12  -267  183  1765 (2/11/16)
 EL SALVADOR        763   770   773   -7   -77   123  840 (2/11/16)
 GUATEMALA          358   366   364   -8   -27   56   385 (2/11/16)
 JAMAICA            489   487   483    2   -30   40   519 (2/11/15)
 MEXICO             233   237   237   -4   -45   39   278 (2/11/16)
 PANAMA             237   240   238   -3   -35   31   272 (2/11/16)
 PERU               263   268   265   -5   -37   32   291 (2/10/16)
 TRINIDAD & TOBAGO  167   153   151   14    -5   69   173 (1/15/15)
 URUGUAY            309   313   311   -4   -35   41   344 (2/11/16)
 VENEZUELA          3110  3090  3048  20   -505  318  3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    Ten-day trend shows Venezuela and Ecuador tighter by 505bp and 267bp
    
    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)