LATAM CLOSE-No deals price in the LatAm primary market

martes 15 de marzo de 2016 15:10 GYT
 

* Brazil bonds slump after Lula takes cabinet post
    * Argentina debt deal slides closer to approval
    * Damage claims credit negative for Odebrecht: Moody's

    By Mike Gambale
    NEW YORK, March 15 (IFR) - No deals priced in the LatAm primary market on
Tuesday.
        
    Here is a snapshot of LatAm sovereign credit spreads:        
     SOVEREIGN       3/14  3/11  3/10  1D   10D   YTD   2015/16 HIGH
 BARBADOS            637   636   641    1    -7   33   659 (2/11/16)
 BRAZIL              403   398   410    5   -54   -83  542 (2/11/16)
 CHILE                82    81    85    1   -11   -4   143 (2/11/16)
 COLOMBIA            291   289   295    2   -36    2   412 (2/11/16)
 COSTA RICA          501   497   511    4   -36   -16  587 (2/11/16)
 DOMINICAN REP       441   441   445    0    -8   26   542 (2/11/16)
 ECUADOR             1277  1313  1334  -36  -99   -38  1765 (2/11/16)
 EL SALVADOR         656   655   659    1    -6   16   840 (2/11/16)
 GUATEMALA           298   302   313   -4   -37   -4   385 (2/11/16)
 JAMAICA             459   464   467   -5   -11   10   519 (2/11/15)
 MEXICO              193   193   201    0   -22   -1   278 (2/11/16)
 PANAMA              198   197   197    1    -1   -8   272 (2/11/16)
 PERU                211   212   217   -1   -22   -20  291 (2/10/16)
 TRINIDAD & TOBAGO   182   182   186    0    26   84   173 (1/15/15)
 URUGUAY             265   266   271   -1   -10   -3   344 (2/11/16)
 VENEZUELA           2952  2960  3068  -8   -162  160  3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:    
    One-day change shows Ecuador tighter by 36bp
    Except for Trinidad & Tobago, ten-day trend shows 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)