LATAM CLOSE-No deals price in primary market

martes 10 de mayo de 2016 15:41 GYT
 

* Argentina's Banco Hipotecario preps bond tap
    * Cemex to buy back US$400m in debt
    * Supervielle preps rare LatAm IPO

    By Mike Gambale and Paul Kilby
    NEW YORK, May 10 (IFR) - No deals priced in the LatAm primary market on
Tuesday.
    
    Below is a snapshot of LatAm sovereign credit spreads:
     SOVEREIGN       5/9   5/6   5/5   1D  10D  YTD    2015/16 HIGH
 BARBADOS            658   657   657   1   22    54    659 (2/11/16)
 BRAZIL              367   362   366   5   -2   -119   542 (2/11/16)
 CHILE                90    89    92   1   14    4     143 (2/11/16)
 COLOMBIA            274   272   277   2   15   -15    412 (2/11/16)
 COSTA RICA          491   486   490   5   25   -26    587 (2/11/16)
 DOMINICAN REP       423   422   422   1   10    8     542 (2/11/16)
 ECUADOR             993   986   996   7   -75  -322  1765 (2/11/16)
 EL SALVADOR         658   653   656   5   42    18    840 (2/11/16)
 GUATEMALA           302   299   300   3   39    0     385 (2/11/16)
 JAMAICA             434   435   437   -1   7   -15    519 (2/11/15)
 MEXICO              193   190   195   3   11    -1    278 (2/11/16)
 PANAMA              197   197   198   0   10    -9    272 (2/11/16)
 PERU                198   197   197   1   12   -33    291 (2/10/16)
 TRINIDAD & TOBAGO   186   183   186   3   45    88    173 (1/15/15)
 URUGUAY             258   259   261   -1  11   -10    344 (2/11/16)
 VENEZUELA           2964  2951  3029  13  -74  172   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    One-day change shows most sovereigns wider
    Ten-day trend: 13 out of 16 sovereigns wider
    
    PIPELINE:
    Argentine mortgage bank Banco Hipotecario has mandated Bank of America and
Itau on a tap of its 9.75% 2020s ahead of investors calls this week.
    The borrower has set a minimum size of US$100m on the tap, which will be
rated B3/B- by Moody's and S&P. Investor calls will take place on Thursday and
Friday, with pricing expected next week.
    Proceeds are going toward working capital, investments in tangible assets
and loan originations. There are currently US$200m in outstanding 2020s. 

    Argentina's Province of Mendoza has mandated Citigroup and Credit Suisse to
take it on the road this week and next as it seeks to market a potential US
dollar 144a/RegS bond among international investors.
    The Province is looking to raise US$300m in both the local and international
markets to refinance debt, according to local reports. 
The borrower was in Los Angeles on Monday, and will head to Boston on May 10 and
New York on May 11. Ratings are B2/B- by Moody's and S&P. 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.

 (Reporting by Mike Gambale; editing by Shankar Ramakrishnan)