LATAM CLOSE-Argentina's massive bond set to price Tuesday

lunes 18 de abril de 2016 16:30 GYT
 

* Argentina bond gets over US$65bn book
    * Brazil credit risk drops on impeachment vote
    * Brazil CSN sues over Usiminas capital plan - sources

    By Mike Gambale
    NEW YORK, April 18 (IFR) - No deals priced in the LatAm primary market on
Monday.
    
    Here is a snapshot of LatAm sovereign credit spreads:   
     SOVEREIGN      4/15  4/14  4/13  1D   10D   YTD    2015/16 HIGH
 BARBADOS           658   655   658    3    4     54   659 (2/11/16)
 BRAZIL             363   359   366    4   -21   -123  542 (2/11/16)
 CHILE               90    86    92    4   -10    4    143 (2/11/16)
 COLOMBIA           267   264   272    3    -6   -22   412 (2/11/16)
 COSTA RICA         473   470   478    3    -6   -44   587 (2/11/16)
 DOMINICAN REP      407   404   413    3    0     -8   542 (2/11/16)
 ECUADOR            1166  1163  1154   3    43   -149  1765 (2/11/16)
 EL SALVADOR        629   645   651   -16  -40   -11   840 (2/11/16)
 GUATEMALA          270   279   282   -9   -27   -32   385 (2/11/16)
 JAMAICA            432   429   431    3   -14   -17   519 (2/11/15)
 MEXICO             189   186   191    3    -7    -5   278 (2/11/16)
 PANAMA             191   187   195    4    -4   -15   272 (2/11/16)
 PERU               198   196   202    2   -20   -33   291 (2/10/16)
 TRINIDAD & TOBAGO  166   155   158   11    8     68   173 (1/15/15)
 URUGUAY            254   250   257    4   -12   -14   344 (2/11/16)
 VENEZUELA          3099  3073  3081  26   -151  307   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index

    SPREAD TRENDS:
    One-day change shows 14 out of 16 LatAm credits wider
    YTD: Ecuador tighter by 149bp, Venezuela wider by 307bp
    
    USD LATAM ACTIVE DEALS:
    The Republic of Argentina, exp rating B3/B-, announced a US$ benchmark
144A/RegS (w/ reg rights) 4-part senior unsecured offering that includes a
3-year, 5-year, 10-year and 30-year. Global Coordinators: Deutsche Bank (B&D),
HSBC, JPMorgan and Santander. Joint Bookrunners: BBVA, Citi and UBS. UOP: To
settle claims of holders of Untendered Debt of the Republic that have agreed to
settle with the Republic and the balance will be used for general purposes of
the Government. Pricing expected on Tuesday, April 19, 2016. Settle: 4/22/16.
    IPTs: 3yr: 6.75% area, 5yr: 10yr - 50bp, 10yr: 8.0% area, 30yr: 10yr + 85bp
    PRICE GUIDANCE: 3yr 6.25-6.50%, 5yr 6.875-7.125%, 10yr 7.50-7.625%, 30yr
8.0% (#)
   
    PIPELINE:
    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 Shankar Ramakrishnan)