LATAM CLOSE-No deals priced in the LatAm primary market

martes 1 de marzo de 2016 16:42 GYT
 

* Argentina's Macri asks Congress to OK holdout deal
    * Femsa hires banks to arrange euro bond roadshow
    * Petrobras to cut investment plan by one fifth
    * EM sovereigns to increase borrowings - S&P

    By Mike Gambale
    NEW YORK, March 1 (IFR) - No deals priced in the LatAm primary market on
Tuesday.
    
    Here is a snapshot of LatAm sovereign credit spreads:       
     SOVEREIGN       2/29   2/28  2/25  1D   10D   YTD   2015/16 HIGH
 BARBADOS             653   652   659    1    0    49   659 (2/11/16)
 BRAZIL               473   480   486   -7   -53   -13  542 (2/11/16)
 CHILE                104   104   112    0   -21   18   143 (2/11/16)
 COLOMBIA             347   344   346    3   -37   58   412 (2/11/16)
 COSTA RICA           554   555   562   -1   -20   37   587 (2/11/16)
 DOMINICAN REP        472   478   488   -6   -49   57   542 (2/11/16)
 ECUADOR             1439   1441  1490  -2   -258  124  1765 (2/11/16)
 EL SALVADOR          698   716   728   -18  -124  58   840 (2/11/16)
 GUATEMALA            357   361   356   -4   -11   55   385 (2/11/16)
 JAMAICA              473   482   489   -9   -25   24   519 (2/11/15)
 MEXICO               228   228   237    0   -32   34   278 (2/11/16)
 PANAMA               217   227   237   -10  -37   11   272 (2/11/16)
 PERU                 251   253   261   -2   -33   20   291 (2/10/16)
 TRINIDAD & TOBAGO    166   162   171    4    15   68   173 (1/15/15)
 URUGUAY              293   297   307   -4   -32   25   344 (2/11/16)
 VENEZUELA           3051   2932  3035  119  -376  259  3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index

    
    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.
    Fomento Economico Mexicano, S.A.B. de C.V. ("FEMSA"), rated A- and A  by S&P
and Fitch, respectively, has mandated BBVA, Credit Suisse and Deutsche Bank to
arrange a series of fixed income investor meetings in Europe. 
    The investor meetings are expected to take place in the week commencing 7th
March 2016. A euro-denominated bond transaction may follow subject to market
conditions. 

 (Reporting By Michael Gambale; Editing by Jack Doran)