LATAM CLOSE-No deals price in LatAm primary this week

viernes 1 de abril de 2016 11:59 GYT
 

* LatAm currencies rise to monthly highs
    * Mexico central bank unanimous in rate hold - minutes
    * Ecopetrol announces Board of Directors
    * Strong US jobs report unlikely to sway cautious Fed

    By Mike Gambale
    NEW YORK, April 1 (IFR) - No deals priced in LatAm primary market on Friday.
    
    Here is a snapshot of LatAm sovereign credit spreads:  
     SOVEREIGN      3/31  3/30  3/29  1D   10D  YTD    2015/16 HIGH
 BARBADOS           653   648   651    5    9    49   659 (2/11/16)
 BRAZIL             384   378   390    6   -21  -102  542 (2/11/16)
 CHILE              101    98   102    3   17    15   143 (2/11/16)
 COLOMBIA           278   275   283    3    9   -11   412 (2/11/16)
 COSTA RICA         504   492   497   12   -5   -13   587 (2/11/16)
 DOMINICAN REP      425   429   437   -4    2    10   542 (2/11/16)
 ECUADOR            1101  1155  1178  -54  -38  -214  1765 (2/11/16)
 EL SALVADOR        670   664   664    6    2    30   840 (2/11/16)
 GUATEMALA          300   297   295    3   -6    -2   385 (2/11/16)
 JAMAICA            453   455   457   -2   -8    4    519 (2/11/15)
 MEXICO             199   196   201    3    5    5    278 (2/11/16)
 PANAMA             200   197   199    3    6    -6   272 (2/11/16)
 PERU               218   215   222    3   14   -13   291 (2/10/16)
 TRINIDAD & TOBAGO  158   153   153    5   -17   60   173 (1/15/15)
 URUGUAY            269   265   269    4    3    1    344 (2/11/16)
 VENEZUELA          3159  3089  3116  70   268  367   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    One-day change shows Ecuador tighter by 54bp
    Seven out of 16 LatAm sovereign credits tighter YTD
    
    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 Shankar Ramakrishnan)