LATAM CLOSE-No deals price in LatAm primary market

lunes 11 de abril de 2016 16:38 GYT
 

* Holdouts to be paid first on new Argentina bond
    * Peru's Camposol picks banks on debt exchange
    * BNCR kicks off roadshows for Green bond
    * Panama eyes liability management operations
    * Arcos Dorados starts tender for 2016s

    By Mike Gambale
    NEW YORK, April 11 (IFR) - No deals priced in the LatAm primary market on
Monday.
    
    Here is a snapshot of LatAm sovereign credit spreads:    
     SOVEREIGN      4/8   4/7   4/6   1D   10D   YTD     2015/16 HIGH
 BARBADOS           659   663   657   -4    12    55     659 (2/11/16)
 BRAZIL             415   425   410   -10   25   -71     542 (2/11/16)
 CHILE              104   106   101   -2    9     18     143 (2/11/16)
 COLOMBIA           291   296   284   -5    14    2      412 (2/11/16)
 COSTA RICA         483   489   483   -6   -12   -34     587 (2/11/16)
 DOMINICAN REP      421   420   412    1   -10    6      542 (2/11/16)
 ECUADOR            1147  1167  1161  -20   -6   -168   1765 (2/11/16)
 EL SALVADOR        665   672   660   -7    8     25     840 (2/11/16)
 GUATEMALA          288   291   298   -3   -12   -14     385 (2/11/16)
 JAMAICA            439   445   441   -6   -13   -10     519 (2/11/15)
 MEXICO             205   211   201   -6    10    11     278 (2/11/16)
 PANAMA             207   210   202   -3    14    1      272 (2/11/16)
 PERU               227   231   224   -4    7     -4     291 (2/10/16)
 TRINIDAD & TOBAGO  163   165   160   -2    17    65     173 (1/15/15)
 URUGUAY            271   274   267   -3    6     3      344 (2/11/16)
 VENEZUELA          3364  3444  3319  -80  310   572    3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    One-day change shows 15 out of 16 LatAm credits tighter
    
    LATAM PIPELINE
    Argentina is meeting investors 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 acting as global
coordinators, while BBVA, Citigroup and UBS are joint bookrunners.
    
    Peruvian agricultural company Camposol has chosen Bank of America Merrill
Lynch and JP Morgan to manage investor meetings this week as it seeks to
exchange outstanding 2017s for a new five-year senior secured note.
    The roadshow starts in Lima on Tuesday and heads to Los Angeles on Wednesday
and New York on Thursday, with Friday being left open for potentially more
meetings. 
    The company launched an offer on Monday to exchange all the outstanding
9.875% senior 2017s for a new 10.50% senior secured 2021.

    Banco Nacional de Costa Rica has announced roadshows through Bank of America
Merrill Lynch and JP Morgan as it looks to market a new green bond in the dollar
market.
    The state-owned bank is visiting accounts in  New York, London, Boston and
the West Coast this week. The deal is expected to be benchmark size. The same
leads brought the issuer to market with a dual tranche US$1bn offering in late
2013.  

    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)