LATAM CLOSE-Femsa prints 1bn seven-year bond
* Cemex plans IPO of Philippine unit * Fitch cuts Oi to CCC, removes negative watch * Usiminas board approves R$1bn capital raise By Mike Gambale NEW YORK, March 14 (IFR) - Just one deal priced in LatAm primary market on Monday. PRICED: FEMSA Femsa (A-/A) announced a seven-year euro benchmark bond. BBVA, Credit Suisse and Deutsche Bank are running the Reg S trade. IPT: MS+175bp GUIDANCE: MS+160bp area (+/-5bp) LAUNCH: EUR1BN 7-yr at MS+155bp PRICED: EUR1bn 7-yr: 99.517; 1.75%C; 1.824%Y; MS+155bp Here is a snapshot of LatAm sovereign credit spreads: SOVEREIGN 3/11 3/10 3/9 1D 10D YTD 2015/16 HIGH BARBADOS 636 641 644 -5 -17 32 659 (2/11/16) BRAZIL 398 410 416 -12 -75 -88 542 (2/11/16) CHILE 81 85 87 -4 -23 -5 143 (2/11/16) COLOMBIA 289 295 301 -6 -58 0 412 (2/11/16) COSTA RICA 497 511 515 -14 -57 -20 587 (2/11/16) DOMINICAN REP 441 445 449 -4 -31 26 542 (2/11/16) ECUADOR 1313 1334 1331 -21 -126 -2 1765 (2/11/16) EL SALVADOR 655 659 653 -4 -43 15 840 (2/11/16) GUATEMALA 302 313 314 -11 -55 0 385 (2/11/16) JAMAICA 464 467 470 -3 -9 15 519 (2/11/15) MEXICO 193 201 205 -8 -35 -1 278 (2/11/16) PANAMA 197 197 199 0 -20 -9 272 (2/11/16) PERU 212 217 220 -5 -39 -19 291 (2/10/16) TRINIDAD & TOBAGO 182 186 193 -4 16 84 173 (1/15/15) URUGUAY 266 271 271 -5 -27 -2 344 (2/11/16) VENEZUELA 2960 3068 2956 -108 -91 168 3713 (2/12/16) Source: Bank of America Merrill Lynch Master Index SPREAD TRENDS: One-day change shows LatAm sovereigns flat to tighter Ten-day trend shows all LatAm sovereigns tighter LATAM PIPELINE: Raizen Energy launched a cash tender offer on its 7% due 2017 notes, according to a regulatory statement. The Brazilian company plans to buy up to US$200m of the outstanding US$400m notes. Raizen is seeking to buy the bonds back at 100.25, with a US$30 early bird incentive added. The early deadline is March 4, with the final deadline on March 18. Citigroup, Credit Agricole and JP Morgan are the dealer arrangers. Argentina will sell US$11.68bn worth of 5-, 10- and 30-year bonds under U.S. law in mid April if Congress swiftly approves a debt deal for holdout creditors, top finance ministry officials told Congress on Friday. Finance Secretary Luis Caputo told lawmakers who will debate the debt agreement that the bonds would carry an interest rate in the region of 7.5%. 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 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. Neuquen province 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. 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 March 7 2016. A euro-denominated bond transaction may follow subject to market conditions. (Reporting By Michael Gambale; editing by Shankar Ramakrishnan)
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