LATAM CLOSE-No deals priced in the LatAm primary market

miércoles 6 de abril de 2016 16:41 GYT
 

* No new deals in LatAm primary since March 23
    * Brazil govt makes its case against impeaching president
    * Argentine authorities detain associate of ex-president Kirchner
    * Probe risks dragging Fifa president deeper into Panama furore

    By Mike Gambale
    NEW YORK, April 6 (IFR) - No deals priced in the LatAm primary market on
Wednesday.
    
    Here is a snapshot of LatAm sovereign credit spreads:
     SOVEREIGN      4/5   4/4   4/1   1D   10D   YTD    2015/16 HIGH
 BARBADOS           660   654   653    6    20    56   659 (2/11/16)
 BRAZIL             407   384   381   23    42   -79   542 (2/11/16)
 CHILE              102   100    99    2    19    16   143 (2/11/16)
 COLOMBIA           288   273   272   15    31    -1   412 (2/11/16)
 COSTA RICA         487   479   494    8    1    -30   587 (2/11/16)
 DOMINICAN REP      415   407   415    8    12    0    542 (2/11/16)
 ECUADOR            1155  1123  1121  32    38   -160  1765 (2/11/16)
 EL SALVADOR        676   669   669    7    26    36   840 (2/11/16)
 GUATEMALA          300   297   296    3    4     -2   385 (2/11/16)
 JAMAICA            445   446   449   -1   -13    -4   519 (2/11/15)
 MEXICO             204   196   195    8    21    10   278 (2/11/16)
 PANAMA             204   195   195    9    19    -2   272 (2/11/16)
 PERU               229   218   217   11    25    -2   291 (2/10/16)
 TRINIDAD & TOBAGO  162   158   157    4    19    64   173 (1/15/15)
 URUGUAY            272   266   267    6    15    4    344 (2/11/16)
 VENEZUELA          3316  3250  3172  66   391   524   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    One-day change shows 15 out of 16 LatAm credits wider
    Ten-day trend shows 15 out of 16 LatAm credits wider
    YTD: Ecuador tighter by 160bp, Venezuela wider by 524bp
    
    LATAM PIPELINE:
    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.

    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.
        
    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. 
    
    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; editing by Shankar Ramakrishnan)