LATAM CLOSE-No deals price in LatAm primary market

martes 12 de abril de 2016 14:48 GYT
 

* S&P downgrades Peru's Camposol on debt exchange
    * Millicom tenders for krona bonds
    * Brazil crisis to drag on LatAm growth - IMF
    * Impeachment hopes lift Brazilian assets

    By Mike Gambale
    NEW YORK, April 12 (IFR) - No deals priced in the LatAm primary market on
Tuesday.
    
    Here is a snapshot of LatAm sovereign credit spreads:  
     SOVEREIGN      4/11  4/8   4/7   1D   10D  YTD    2015/16 HIGH
 BARBADOS           660   659   663    1    9    56   659 (2/11/16)
 BRAZIL             392   415   425   -23   2   -94   542 (2/11/16)
 CHILE               99   104   106   -5   -3    13   143 (2/11/16)
 COLOMBIA           283   291   296   -8    0    -6   412 (2/11/16)
 COSTA RICA         480   483   489   -3   -17  -37   587 (2/11/16)
 DOMINICAN REP      419   421   420   -2   -18   4    542 (2/11/16)
 ECUADOR            1169  1147  1167  22   -9   -146  1765 (2/11/16)
 EL SALVADOR        662   665   672   -3   -2    22   840 (2/11/16)
 GUATEMALA          286   288   291   -2   -9   -16   385 (2/11/16)
 JAMAICA            435   439   445   -4   -22  -14   519 (2/11/15)
 MEXICO             200   205   211   -5   -1    6    278 (2/11/16)
 PANAMA             205   207   210   -2    6    -1   272 (2/11/16)
 PERU               210   227   231   -17  -12  -21   291 (2/10/16)
 TRINIDAD & TOBAGO  164   163   165    1   11    66   173 (1/15/15)
 URUGUAY            267   271   274   -4   -2    -1   344 (2/11/16)
 VENEZUELA          3351  3364  3444  -13  235  559   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    One-day change shows 13 out of 16 LatAm credits tighter
    Ten-day trend shows 10 out of 16 Latam credits tighter
    
    PIPELINE:
    Argentina is meeting investors this week 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 is holding 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 are each
leading 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 started in Lima on Tuesday and are in Los Angeles on Wednesday.
Meetings wrap up in New York on Thursday, though more may take place on Friday
as well.    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)