LATAM CLOSE-No deals price in LatAm primary market

lunes 29 de febrero de 2016 17:18 GYT
 

* Argentina and Elliott end legal battle in historic agreement
    * Petrobras bonds rally on US$10bn China loan
    * S&P affirms Venezuela CCC rating, keeps negative outlook
    * Gerdau postpones Q4 results amid police investigation

    By Mike Gambale
    NEW YORK, Feb 29 (IFR) - No deals priced in the LatAm primary market on
Monday.
    
    Here is a snapshot of LatAm sovereign credit spreads: 
 
     SOVEREIGN       2/26  2/25  2/24   1D   10D   YTD   2015/16 HIGH
 BARBADOS            652   659   656    -7    1    48   659 (2/11/16)
 BRAZIL              480   486   478    -6   -52   -6   542 (2/11/16)
 CHILE               104   112   110    -8   -30   18   143 (2/11/16)
 COLOMBIA            344   346   348    -2   -48   55   412 (2/11/16)
 COSTA RICA          555   562   568    -7   -24   38   587 (2/11/16)
 DOMINICAN REP       478   488   494   -10   -49   63   542 (2/11/16)
 ECUADOR             1441  1490  1498  -49   -296  126  1765 (2/11/16)
 EL SALVADOR         716   728   763   -12   -109  76   840 (2/11/16)
 GUATEMALA           361   356   358    5    -11   59   385 (2/11/16)
 JAMAICA             482   489   489    -7   -22   33   519 (2/11/15)
 MEXICO              228   237   233    -9   -38   34   278 (2/11/16)
 PANAMA              227   237   237   -10   -33   21   272 (2/11/16)
 PERU                253   261   263    -8   -34   22   291 (2/10/16)
 TRINIDAD & TOBAGO   162   171   167    -9    9    64   173 (1/15/15)
 URUGUAY             297   307   309   -10   -35   29   344 (2/11/16)
 VENEZUELA           2932  3035  3110  -103  -757  140  3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    Ten-day trend shows Venezuela and Ecuador tighter by 757bp and 296bp
        
    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)