LATAM CLOSE-No deals priced in the LatAm primary market

lunes 4 de abril de 2016 16:09 GYT
 

* Arcos Dorados gets loan to pay off 2016 bonds
    * Marfrig buys back debt
    * Petrobras sought arbitration for Sete Brasil talks
    * IRSA completes liability management transaction

    By Mike Gambale and Paul Kilby
    NEW YORK, April 4 (IFR) - No deals priced in LatAm primary market on Monday.
    
    Here is a snapshot of LatAm sovereign credit spreads:      
     SOVEREIGN       4/1   3/31  3/30  1D   10D  YTD    2015/16 HIGH
 BARBADOS            653   653   648    0    7    49   659 (2/11/16)
 BRAZIL              381   384   378   -3   -2   -105  542 (2/11/16)
 CHILE               99    101    98   -2   13    13   143 (2/11/16)
 COLOMBIA            272   278   275   -6   10   -17   412 (2/11/16)
 COSTA RICA          494   504   492   -10  -6   -23   587 (2/11/16)
 DOMINICAN REP       415   425   429   -10  -1    0    542 (2/11/16)
 ECUADOR            1121   1101  1155  20   67   -194  1765 (2/11/16)
 EL SALVADOR         669   670   664   -1    0    29   840 (2/11/16)
 GUATEMALA           296   300   297   -4   -10   -6   385 (2/11/16)
 JAMAICA             449   453   455   -4   -17   0    519 (2/11/15)
 MEXICO              195   199   196   -4    4    1    278 (2/11/16)
 PANAMA              195   200   197   -5    3   -11   272 (2/11/16)
 PERU                217   218   215   -1   12   -14   291 (2/10/16)
 TRINIDAD & TOBAGO   157   158   153   -1   -1    59   173 (1/15/15)
 URUGUAY             267   269   265   -2   -2    -1   344 (2/11/16)
 VENEZUELA          3172   3159  3089  13   277  380   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    One-day change shows 13 out of 16 sovereigns tighter
    YTD, eight out of 16 LatAm sovereign credits tighter    
    
    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)