LATAM CLOSE-No deals price in LatAm primary market

jueves 3 de marzo de 2016 16:16 GYT
 

* Santander Chile ups debt tender
    * Brazil GDP contracted 3.8% in 2015
    * Brazil rallies on news Rousseff implicated in probe
    * YPF places debt in local market

    By Mike Gambale and Paul Kilby
    NEW YORK, March 3 (IFR) - No deals priced in the LatAm primary market on
Thursday.
        
    Here is a snapshot of LatAm sovereign credit spreads:
        
      SOVEREIGN        3/2   3/1   2/29   1D    10D   YTD   2015/16 HIGH
 BARBADOS              645   644   653    1     -9    41    659 (2/11/16)
 BRAZIL                458   457   473    1     -57   -28   542 (2/11/16)
 CHILE                 90     93   104    -3    -28    4    143 (2/11/16)
 COLOMBIA              326   327   347    -1    -40   37    412 (2/11/16)
 COSTA RICA            536   537   554    -1    -38   19    587 (2/11/16)
 DOMINICAN REP         448   449   472    -1    -55   33    542 (2/11/16)
 ECUADOR              1382   1376  1439   6    -198   67   1765 (2/11/16)
 EL SALVADOR           638   662   698   -24   -164   -2    840 (2/11/16)
 GUATEMALA             333   335   357    -2    -34   31    385 (2/11/16)
 JAMAICA               473   470   473    3     -21   24    519 (2/11/15)
 MEXICO                215   215   228    0     -33   21    278 (2/11/16)
 PANAMA                200   199   217    1     -44   -6    272 (2/11/16)
 PERU                  230   233   251    -3    -47   -1    291 (2/10/16)
 TRINIDAD & TOBAGO     187   156   166    31    21    89    173 (1/15/15)
 URUGUAY               273   275   293    -2    -44    5    344 (2/11/16)
 VENEZUELA            2979   3114  3051  -135  -125   187  3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    Ten-day trend shows Ecuador and El Salvador spreads tighter by 198bp and
164bp.
    
    LATAM PIPELINE:
    Colombia has mandated BBVA, Goldman Sachs and JP Morgan to organize meeting
with fixed-income investors in Europe to discuss opportunities in the capital
markets this year.
    Finance Minister Mauricio Cardenas will attend the meetings, which start on
March 8 in London. Discussions continue in Germany on March 9, the Netherlands
on March 10 and in London again on March 11.
Ratings are Baa2/BBB/BBB (stable/negative/stable) by Moody's, S&P and Fitch.
    The Province of Buenos Aires will start fixed-income investor meetings this
week in Europe and the U.S. as it seeks to market a potential US dollar bond.
    The issuer has mandated Citigroup, HSBC and JP Morgan to take it on the road
and is scheduled to visit investors in London on March 4, New York on March 7
and Boston and Los Angeles on March 8. Ratings are Caa2/B-/B-
(positive/stable/stable). It could be an up to US$500m deal and could carry a
yield of between 9%-9.5%.
    The board of Argentine real estate developer IRSA has approved the issuance
of up to US$470m of debt, according to a filing with local regulators.
    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.
    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 Shankar Ramakrishnan)