LATAM CLOSE-No deals price in LatAm primary market

miércoles 30 de marzo de 2016 15:31 GYT
 

* Rousseff popularity close to record low
    * Argentine Senate set to pass creditor deal
    * Mexico's ICA posts net 4Q loss, debt woes mount

    By Mike Gambale
    NEW YORK, March 30 (IFR) - No deals priced in LatAm primary market on
Wednesday.
    
    Here is a snapshot of LatAm sovereign credit spreads:    
     SOVEREIGN       3/29  3/28  3/24  1D  10D   YTD     2015/16 HIGH
 BARBADOS            651   647   646   4    13    47     659 (2/11/16)
 BRAZIL              390   390   402   0   -47   -96     542 (2/11/16)
 CHILE               102    95    93   7    19    16     143 (2/11/16)
 COLOMBIA            283   277   279   6   -15    -6     412 (2/11/16)
 COSTA RICA          497   495   491   2    -4   -20     587 (2/11/16)
 DOMINICAN REP       437   431   428   6    0     22     542 (2/11/16)
 ECUADOR             1178  1153  1151  25  -88   -137   1765 (2/11/16)
 EL SALVADOR         664   657   655   7    -6    24     840 (2/11/16)
 GUATEMALA           295   300   300   -5   -6    -7     385 (2/11/16)
 JAMAICA             457   452   455   5    -1    8      519 (2/11/15)
 MEXICO              201   195   192   6    2     7      278 (2/11/16)
 PANAMA              199   193   189   6    0     -7     272 (2/11/16)
 PERU                222   220   219   2    4     -9     291 (2/10/16)
 TRINIDAD & TOBAGO   153   146   136   7   -23    55     173 (1/15/15)
 URUGUAY             269   265   262   4    -1    1      344 (2/11/16)
 VENEZUELA           3116  3054  3050  62  104   324    3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS
    One-day change shows Ecuador and Venezuela wider by 25bp and 62bp,
respectively
    
    LATAM PIPELINE
    Brazil could issue again this year if conditions allow, the treasury's
interim debt coordinator Leandro Secunho said: "There is no need for new (global
bond) sales, but if we see new windows of opportunity we will consider
reentering the market."
    The sovereign sold a US$1.5bn 2026 dollar-denominated bond on March 10,
tapping global markets for the first time since it lost its investment-grade
rating.
    
    Argentina named BBVA, Citigroup, Deutsche Bank, HSBC, JP Morgan, Santander
and UBS as joint bookrunners for a possible bond sale, a source familiar with
the matter told IFR.
    Timing and currency not yet certain, but the deal could come in early April.
    Barring objections from Congress, the sovereign is likely to try to issue up
to US$15bn of bonds to help pay litigant investors.
     
    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.
    
    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, held 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.
    

 (Reporting by Michael Gambale; Editing by Marc Carnegie)