LATAM CLOSE-No deals price in LatAm primary market

viernes 26 de febrero de 2016 15:15 GYT
 

* PDVSA 2016s rally on payment news
    * Argentina inches closer to bond return
    * Fitch downgrades Suriname to B+
    * KKR eyes bond to fund Pemex asset purchase

    By Mike Gambale
    NEW YORK, Feb 26 (IFR) - No deals priced in the LatAm primary market on
Friday.
        
    Here is a snapshot of LatAm sovereign credit spreads:
     SOVEREIGN      2/25  2/24  2/23  1D   10D   YTD   2015/16 HIGH
 BARBADOS           659   656   656    3    8    55   659 (2/11/16)
 BRAZIL             486   478   493    8   -46    0   542 (2/11/16)
 CHILE              112   110   114    2   -22   26   143 (2/11/16)
 COLOMBIA           346   348   354   -2   -47   57   412 (2/11/16)
 COSTA RICA         562   568   570   -6   -17   45   587 (2/11/16)
 DOMINICAN REP      488   494   500   -6   -39   73   542 (2/11/16)
 ECUADOR            1490  1498  1510  -8   -246  175  1765 (2/11/16)
 EL SALVADOR        728   763   770   -35  -96   88   840 (2/11/16)
 GUATEMALA          356   358   366   -2   -16   54   385 (2/11/16)
 JAMAICA            489   489   487    0   -16   40   519 (2/11/15)
 MEXICO             237   233   237    4   -29   43   278 (2/11/16)
 PANAMA             237   237   240    0   -23   31   272 (2/11/16)
 PERU               261   263   268   -2   -26   30   291 (2/10/16)
 TRINIDAD & TOBAGO  171   167   153    4    18   73   173 (1/15/15)
 URUGUAY            307   309   313   -2   -26   39   344 (2/11/16)
 VENEZUELA          3035  3110  3090  -75  -678  243  3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    Ten-day trend shows Venezuela and Ecuador tighter by 678bp and 246bp    
    
    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)