LATAM CLOSE-No deals price in the LatAm primary market

martes 5 de abril de 2016 16:28 GYT
 

* LatAm currencies fall on global risk aversion
    * Marfrig board approves capital increase
    * Commodity weakness to weigh on future LatAm growth: Moody's

    By Mike Gambale
    NEW YORK, April 5 (IFR) - No deals priced in the LatAm primary market on
Tuesday.
    
    Here is a snapshot of LatAm sovereign credit spreads:   
     SOVEREIGN      4/4   4/1   3/31  1D   10D   YTD    2015/16 HIGH
 BARBADOS           654   653   653    1   14    50    659 (2/11/16)
 BRAZIL             384   381   384    3   13   -102   542 (2/11/16)
 CHILE              100    99   101    1   15    14    143 (2/11/16)
 COLOMBIA           273   272   278    1   17    -16   412 (2/11/16)
 COSTA RICA         479   494   504   -15  -8    -38   587 (2/11/16)
 DOMINICAN REP      407   415   425   -8   -4    -8    542 (2/11/16)
 ECUADOR            1123  1121  1101   2   53   -192   1765 (2/11/16)
 EL SALVADOR        669   669   670    0    9    29    840 (2/11/16)
 GUATEMALA          297   296   300    1   -1    -5    385 (2/11/16)
 JAMAICA            446   449   453   -3   -13   -3    519 (2/11/15)
 MEXICO             196   195   199    1   10     2    278 (2/11/16)
 PANAMA             195   195   200    0    9    -11   272 (2/11/16)
 PERU               218   217   218    1   13    -13   291 (2/10/16)
 TRINIDAD & TOBAGO  158   157   158    1   11    60    173 (1/15/15)
 URUGUAY            266   267   269   -1    8    -2    344 (2/11/16)
 VENEZUELA          3250  3172  3159  78   376   458   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    Ten-day trend shows 12 out of 16 LatAm sovereign credits wider
    Venezuela wider 458bp 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.
    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.
    
    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)