LATAM CLOSE-No deals price in LatAm primary market

lunes 2 de mayo de 2016 16:10 GYT
 

* Banco de Bogota to issue US$1bn via 10-year Tier 2
    * Mexico economy grew by 0.8% in Q1, faster than expected
    * Mexico ICA sees talks with bondholders concluding Aug/Sept
    * Venezuela opposition submits 1.85m signatures in recall effort

    By Mike Gambale
    NEW YORK, May 2 (IFR) - No deals priced in the LatAm market on Monday.
    
    Below is a snapshot of LatAm sovereign credit spreads:
     SOVEREIGN      4/29  4/28  4/27  1D   10D   YTD    2015/16 HIGH
 BARBADOS           646   643   642    3    -9    42   659 (2/11/16)
 BRAZIL             359   358   361    1   -12   -127  542 (2/11/16)
 CHILE               82    82    82    0    -6    -4   143 (2/11/16)
 COLOMBIA           261   256   264    5    -7   -28   412 (2/11/16)
 COSTA RICA         466   468   473   -2    -4   -51   587 (2/11/16)
 DOMINICAN REP      407   402   410    5    -1    -8   542 (2/11/16)
 ECUADOR            987   999   1071  -12  -207  -328  1765 (2/11/16)
 EL SALVADOR        632   628   624    4    7     -8   840 (2/11/16)
 GUATEMALA          283   281   275    2    14   -19   385 (2/11/16)
 JAMAICA            433   431   429    2    5    -16   519 (2/11/15)
 MEXICO             187   180   182    7    -2    -7   278 (2/11/16)
 PANAMA             189   187   192    2    1    -17   272 (2/11/16)
 PERU               191   186   188    5    -5   -40   291 (2/10/16)
 TRINIDAD & TOBAGO  179   176   147    3    22    81   173 (1/15/15)
 URUGUAY            256   253   253    3    3    -12   344 (2/11/16)
 VENEZUELA          2834  2814  2952  20   -284   42   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    One-day change shows just Costa Rica and Ecuador tighter
    Ten-day trend shows 10 out of 16 sovereigns tighter
    YTD has 13 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. Banco de Bogota is expected to
issue US$1bn through 10-year Tier 2 notes.
    Rated Ba2 by Moody's and BBB by Fitch. 
    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 Michael Gambale; editing by Shankar Ramakrishnan)