LATAM CLOSE-No deals price in LatAm primary market

miércoles 13 de abril de 2016 16:16 GYT
 

* Argentina to start bookbuilding Monday
    * Country wins ruling on debt injunctions
    * Mexico gives Pemex US$4.2bn liquidity shot
    * Panama's Global Bank launches US$104m loan

    By Mike Gambale and Paul Kilby
    NEW YORK, April 13 (IFR) - No deals priced in the LatAm primary market on
Wednesday.
    
    Here is a snapshot of LatAm sovereign credit spreads:  
     SOVEREIGN      4/12  4/11  4/8    1D   10D   YTD    2015/16 HIGH
 BARBADOS           655   660   659    -5    7     51   659 (2/11/16)
 BRAZIL             374   392   415   -18    -4   -112  542 (2/11/16)
 CHILE               93    99   104    -6    -5    7    143 (2/11/16)
 COLOMBIA           275   283   291    -8    0    -14   412 (2/11/16)
 COSTA RICA         477   480   483    -3   -15   -40   587 (2/11/16)
 DOMINICAN REP      414   419   421    -5   -15    -1   542 (2/11/16)
 ECUADOR            1151  1169  1147  -18    -4   -164  1765 (2/11/16)
 EL SALVADOR        652   662   665   -10   -12    12   840 (2/11/16)
 GUATEMALA          280   286   288    -6   -17   -22   385 (2/11/16)
 JAMAICA            429   435   439    -6   -26   -20   519 (2/11/15)
 MEXICO             192   200   205    -8    -4    -2   278 (2/11/16)
 PANAMA             196   205   207    -9    -1   -10   272 (2/11/16)
 PERU               206   210   227    -4    -9   -25   291 (2/10/16)
 TRINIDAD & TOBAGO  158   164   163    -6    5     60   173 (1/15/15)
 URUGUAY            260   267   271    -7    -5    -8   344 (2/11/16)
 VENEZUELA          3250  3351  3364  -101  161   458   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS
    Today: all LatAm credits tighter
    Ten-day trend: 12 of 16 tighter
    YTD: 11 of 16 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. Bookbuilding is expected to start on Monday. 
    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.
   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 Marc Carnegie)