LATAM CLOSE-CABEI only deal to price in LatAm this week

viernes 8 de abril de 2016 12:23 GYT
 

* Guatemala hires BAML for US dollar bond
    * Guatemala expected to be around US$500m
    * Argentina President Macri to go before judge
    * Argentina plans US$12.5bn bond next week

    By Mike Gambale
    NEW YORK, April 8 (IFR) - No deals priced in the LatAm primary market on
Friday.
    
    Here is a snapshot of LatAm sovereign credit spreads:    
     SOVEREIGN       4/7   4/6   4/5   1D   10D  YTD    2015/16 HIGH
 BARBADOS            663   657   660    6   17    59   659 (2/11/16)
 BRAZIL              425   410   407   15   23   -61   542 (2/11/16)
 CHILE               106   101   102    5   13    20   143 (2/11/16)
 COLOMBIA            296   284   288   12   17    7    412 (2/11/16)
 COSTA RICA          489   483   487    6   -2   -28   587 (2/11/16)
 DOMINICAN REP       420   412   415    8   -8    5    542 (2/11/16)
 ECUADOR             1167  1161  1155   6   16   -148  1765 (2/11/16)
 EL SALVADOR         672   660   676   12   17    32   840 (2/11/16)
 GUATEMALA           291   298   300   -7   -9   -11   385 (2/11/16)
 JAMAICA             445   441   445    4   -10   -4   519 (2/11/15)
 MEXICO              211   201   204   10   19    17   278 (2/11/16)
 PANAMA              210   202   204    8   21    4    272 (2/11/16)
 PERU                231   224   229    7   12    0    291 (2/10/16)
 TRINIDAD & TOBAGO   165   160   162    5   29    67   173 (1/15/15)
 URUGUAY             274   267   272    7   12    6    344 (2/11/16)
 VENEZUELA           3444  3319  3316  125  394  652   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 12 out of 16 LatAm credits wider
    YTD: Ecuador tighter by 148bp, Venezuela wider by 652bp
    
    LATAM PIPELINE
    Argentina will begin meeting investors Monday as it returns to the
international bond market for the first time in 15 years and closes the book on
a long and bitter battle with its creditors.
    It will hold a five-day roadshow in the UK and the US as it preps a new bond
expected to raise US$12bn - or more - to help pay off holdouts who had rejected
a debt restructuring.
    Finance Secretary Luis Caputo and Undersecretary Santiago Bausili will each
lead teams meeting with investors in London, Boston, New York, Washington and
Los Angeles.
    Deutsche Bank, HSBC, JP Morgan and Santander are arranging the meetings, but
few other details were immediately available.

    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)