LATAM CLOSE-No deals priced in LatAm primary market
* AES Dominicana returns with stapled note offering * Panama's Tocumen airport comes with structured bond * CAF markets three-year global bond * Odebrecht delays results amid corruption probe * PDVSA issues new debt to pay off suppliers By Mike Gambale NEW YORK, May 3 (IFR) - No deals priced in the LatAm market on Tuesday. Below is a snapshot of LatAm sovereign credit spreads: SOVEREIGN 5/2 4/29 4/28 1D 10D YTD 2015/16 HIGH BARBADOS 644 646 643 -2 -10 40 659 (2/11/16) BRAZIL 357 359 358 -2 -7 -129 542 (2/11/16) CHILE 78 82 82 -4 -6 -8 143 (2/11/16) COLOMBIA 257 261 256 -4 -3 -32 412 (2/11/16) COSTA RICA 466 466 468 0 -3 -51 587 (2/11/16) DOMINICAN REP 406 407 402 -1 4 -9 542 (2/11/16) ECUADOR 974 987 999 -13 -182 -341 1765 (2/11/16) EL SALVADOR 634 632 628 2 19 -6 840 (2/11/16) GUATEMALA 280 283 281 -3 12 -22 385 (2/11/16) JAMAICA 432 433 431 -1 6 -17 519 (2/11/15) MEXICO 185 187 180 -2 4 -9 278 (2/11/16) PANAMA 185 189 187 -4 -3 -21 272 (2/11/16) PERU 186 191 186 -5 -6 -45 291 (2/10/16) TRINIDAD & TOBAGO 175 179 176 -4 21 77 173 (1/15/15) URUGUAY 252 256 253 -4 4 -16 344 (2/11/16) VENEZUELA 2948 2834 2814 114 -90 156 3713 (2/12/16) Source: Bank of America Merrill Lynch Master Index SPREAD TRENDS: Venezuela widens by 114bp overnight Ten-day trend has Ecuador tighter by 182bp PIPELINE: AES Dominicana, rated Nr/B+/B+ (-/p/p), announced a US$370m 10yr nc5 senior unsecured note unit offering via CITI/CS. 144a/RegS. Books are open, with pricing expected Wednesday. The deal will consist of two underlying notes. 1) AES Andres B.V. and Dominican Power Partners. US$270m. 10-year nc5. IPT Low to mid 8%s. Guaranteed by AES Andres DR, S.A. 2) Empresa Generadora de Electricidad Itablo, S.A. US$100m. 10-year nc5. IPT: Low to mid 8%. Underlying Notes may only be transferred as part of the Notes Units and will not trade separately until the earliest of: (i) an event of default under either of the underlying Notes (ii) a change of control under either of the underlying Notes (iii) a redemption in whole of either note , and (iv) the tender in whole or in part of the underlying Notes.UOP: Repay outstanding bridge, repay outstanding bridge loan and GCP, loan and GCP. Aeropuerto Internacional de Tocumen, S.A., expected ratings Nr/BBB/BBB, has announced IPTs of 5.75% are on a US$625m 20-year senior secured note offering via sole structuring agent Citigroup. The amortizer has a WAL of 15.9yr, with pricing expected on Wednesday. First priority lien over (i) Issuer's committed aeronautical and non-aeronautical revenues and the Trustee General Account, and (ii) Debt Payment Account and DSRA established for this issuance. UOP: Proceeds deposited in the CapEx account, net of fees and expenses and Debt Payment Account, DSCR and other reserve account funding. Regional development bank Corporacion Andina de Fomento (CAF) has set initial price thoughts of MS+115bp area on a new US dollar-denominated three-year SEC-registered senior unsecured Global SEC Registered bond. Leads Barclays, Bank of America Merrill Lynch, Citigroup and HSBC are taking indications of interest on Tuesday, with pricing expected to follow on Wednesday. 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 Province of Neuquen has started fixed-income investor meetings as it looks to market a US dollar 144A/RegS transaction through Deutsche Bank and JP Morgan. The borrower will wrap up meetings 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. 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. (Reporting by Mike Gambale; editing by Shankar Ramakrishnan)
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