LATAM CLOSE-No deals price in LatAm primary market

viernes 15 de abril de 2016 13:44 GYT
 

* Argentina bond to earn underwriters up to US$27m in fees
    * Moody's upgrades Argentina issuer rating to B3
    * Argentina hopes debt sale next week will be last of 2016

    By Mike Gambale
    NEW YORK, April 15 (IFR) - No deals priced in the LatAm primary market on
Friday.
    
    Here is a snapshot of LatAm sovereign credit spreads:    
     SOVEREIGN      4/14  4/13  4/12  1D  10D  YTD    2015/16 HIGH
 BARBADOS           655   658   655   -3   2    51   659 (2/11/16)
 BRAZIL             359   366   374   -7  -22  -127  542 (2/11/16)
 CHILE               86    92    93   -6  -13   0    143 (2/11/16)
 COLOMBIA           264   272   275   -8  -8   -25   412 (2/11/16)
 COSTA RICA         470   478   477   -8  -24  -47   587 (2/11/16)
 DOMINICAN REP      404   413   414   -9  -11  -11   542 (2/11/16)
 ECUADOR            1163  1154  1151  9   42   -152  1765 (2/11/16)
 EL SALVADOR        645   651   652   -6  -24   5    840 (2/11/16)
 GUATEMALA          279   282   280   -3  -17  -23   385 (2/11/16)
 JAMAICA            429   431   429   -2  -20  -20   519 (2/11/15)
 MEXICO             186   191   192   -5  -9    -8   278 (2/11/16)
 PANAMA             187   195   196   -8  -8   -19   272 (2/11/16)
 PERU               196   202   206   -6  -21  -35   291 (2/10/16)
 TRINIDAD & TOBAGO  155   158   158   -3  -2    57   173 (1/15/15)
 URUGUAY            250   257   260   -7  -17  -18   344 (2/11/16)
 VENEZUELA          3073  3081  3250  -8  -99  281   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    One-day change shows all LatAm credits tighter, except for Ecuador
    Ten-day trend shows LatAm credits tighter, except for Barbados and Ecuador
    
    
    PIPELINE
    Argentina is expected to price an up to US$15bn multi-tranche bond sale next
week.  
    It wrapped up a five-day roadshow in the UK and the US this week. Deutsche
Bank, HSBC, JP Morgan and Santander are acting as global coordinators, while
BBVA, Citigroup and UBS are joint bookrunners.
   
    Peruvian agricultural company Camposol mandated Bank of America Merrill
Lynch and JP Morgan to manage investor meetings this week as it sought to
exchange outstanding 2017s for a new five-year senior secured note.
   Meetings wrapped up 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 visited 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; Editing by Paul Kilby)