LATAM CLOSE-No deals price in LatAm primary

jueves 14 de abril de 2016 15:25 GYT
 

* Argentina minister says bond demand 'awesome'
    * Venezuela restructuring maybe not needed: BAML
    * Pacific Exploration, Catalyst Capital talk restructuring
    * Mexico's Unifin launches three-year loan

    By Mike Gambale
    NEW YORK, April 14 (IFR) - No deals priced in the LatAm primary market on
Thursday.
    
    Here is a snapshot of LatAm sovereign credit spreads:     
     SOVEREIGN       4/13  4/12  4/11   1D   10D  YTD    2015/16 HIGH
 BARBADOS            658   655   660    3     5    54   659 (2/11/16)
 BRAZIL              366   374   392    -8   -18  -120  542 (2/11/16)
 CHILE                92    93    99    -1   -9    6    143 (2/11/16)
 COLOMBIA            272   275   283    -3   -6   -17   412 (2/11/16)
 COSTA RICA          478   477   480    1    -26  -39   587 (2/11/16)
 DOMINICAN REP       413   414   419    -1   -12   -2   542 (2/11/16)
 ECUADOR             1154  1151  1169   3    53   -161  1765 (2/11/16)
 EL SALVADOR         651   652   662    -1   -19   11   840 (2/11/16)
 GUATEMALA           282   280   286    2    -18  -20   385 (2/11/16)
 JAMAICA             431   429   435    2    -22  -18   519 (2/11/15)
 MEXICO              191   192   200    -1   -8    -3   278 (2/11/16)
 PANAMA              195   196   205    -1   -5   -11   272 (2/11/16)
 PERU                202   206   210    -4   -16  -29   291 (2/10/16)
 TRINIDAD & TOBAGO   158   158   164    0     0    60   173 (1/15/15)
 URUGUAY             257   260   267    -3   -12  -11   344 (2/11/16)
 VENEZUELA           3081  3250  3351  -169  -78  289   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS
    Most LatAm credits tighter on the day
    Venezuela tightens by 169bp overnight
    YTD 13 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. Bookbuilding began today (14Apr). 
    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 could take place on
Friday. 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.
    
    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 and Paul Kilby; Editing by Marc Carnegie)