LATAM CLOSE-No deals priced in LatAm primary market

martes 3 de mayo de 2016 16:00 GYT
 

* 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)