LATAM CLOSE-Two issuers raise US$1.25bn this week

viernes 29 de abril de 2016 14:15 GYT
 

* Bank Bogota's Tier 2 notes on the road
    * Mexico's 0.8% growth faster than expected
    * ICA eyes pre-packaged bankruptcy for some subs

    By Mike Gambale
    NEW YORK, April 29 (IFR) - No deals priced in the LatAm market on Friday.
    
    Below is a snapshot of LatAm sovereign credit spreads:   
     SOVEREIGN      4/28  4/27  4/26   1D   10D   YTD    2015/16 HIGH
 BARBADOS           643   642   636    1    -15    39   659 (2/11/16)
 BRAZIL             358   361   369    -3    -5   -128  542 (2/11/16)
 CHILE               82    82    76    0     -8    -4   143 (2/11/16)
 COLOMBIA           256   264   259    -8   -11   -33   412 (2/11/16)
 COSTA RICA         468   473   466    -5    -5   -49   587 (2/11/16)
 DOMINICAN REP      402   410   413    -8    -5   -13   542 (2/11/16)
 ECUADOR            999   1071  1068  -72   -167  -316  1765 (2/11/16)
 EL SALVADOR        628   624   616    4     -1   -12   840 (2/11/16)
 GUATEMALA          281   275   263    6     11   -21   385 (2/11/16)
 JAMAICA            431   429   427    2     -1   -18   519 (2/11/15)
 MEXICO             180   182   182    -2    -9   -14   278 (2/11/16)
 PANAMA             187   192   187    -5    -4   -19   272 (2/11/16)
 PERU               186   188   186    -2   -12   -45   291 (2/10/16)
 TRINIDAD & TOBAGO  176   147   141    29    10    78   173 (1/15/15)
 URUGUAY            253   253   247    0     -1   -15   344 (2/11/16)
 VENEZUELA          2814  2952  3038  -138  -285   22   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS
    One-day change is mixed, with most sovereigns wider
    Ten-day trend shows 9 out of 16 sovereigns tighter
    
    PIPELINE
    Colombia's Banco de Bogota has hired banks to arrange investor meetings
ahead of a potential subordinated bond sale, a source with knowledge of the
situation told IFR on Friday.
    The bank has hired Credit Suisse, HSBC and JP Morgan to arrange meetings in
London, New York, Los Angeles and Boston between May 3 and May 6.
    The potential offering, which is expected to be denominated in US dollars,
will be of benchmark size and eligible for Tier 2 treatment under Colombian
regulations.
    Its structure would resemble that of the bank's existing 5.375% February
2023 notes and will exclude loss-absorption provisions, the source said.
    
    Panama's Aeropuerto Internacional de Tocumen SA (AITSA) is looking to issue
US$625m in 20-year bonds to finance further construction of the new South
Terminal at the Tocumen International Airport outside Panama City. Citi is
advising AITSA.

    The Province of Neuquen will start fixed-income investor meetings as it
looks to market a US dollar 144A/RegS transaction through Deutsche Bank and JP
Morgan.
    The borrower will be in Boston on Monday, in New York on Tuesday and in
London on Wednesday. The offering of bonds, which will by backed gas royalties,
is being done in conjunction with an exchange for outstanding 2021.

    AES Dominicana will start roadshows this week ahead of a possible USD
144A/RegS bond sale after mandating Citigroup and Credit Suisse, according to a
source. The borrower will be in London and Los Angeles on Friday and will head
to Boston and New York on Monday. Ratings are B+/B+ by S&P and Fitch. 

    The Province of Chubut is preparing to sell an up to US$83m New York law
bond due in 2023, according to Moody's, which assigned a B3 rating to the issue
on Thursday.

    The Province of Mendoza is looking to raise US$300m in both the local and
international markets to refinance debt, according to local reports.
    
    Argentina utility Pampa Energia's shareholders have approved a US$500m debt
program.

 (Reporting by Mike Gambale; Editing by Marc Carnegie)