LATAM CLOSE-No deals price in LatAm primary market

lunes 23 de mayo de 2016 16:18 GYT
 

* City of Buenos Aires preps new 11-year amortizer
    * Marfrig launches bond buyback
    * Brasil debt takes hit as minister vows to stay
    * Banco Pan tenders for 2020 notes

    By Mike Gambale
    NEW YORK, May 23 (IFR) - No deals priced in the LatAm primary market on
Monday.
    
    Below is a snapshot of LatAm sovereign credit spreads:
     SOVEREIGN      5/20  5/19  5/18  1D   10D  YTD    2015/16 HIGH
 ARGENTINA          491   502   483   -11  -35   -          -
 BARBADOS           649   650   645   -1   -9    45   659 (2/11/16)
 BRAZIL             367   368   349   -1    0   -119  542 (2/11/16)
 CHILE               95    94    82    1    5    9    143 (2/11/16)
 COLOMBIA           278   277   258    1    4   -11   412 (2/11/16)
 COSTA RICA         489   489   479    0   -2   -28   587 (2/11/16)
 DOMINICAN REP      416   420   405   -4   -7    1    542 (2/11/16)
 ECUADOR            928   919   908    9   -65  -387  1765 (2/11/16)
 EL SALVADOR        673   672   659    1   15    33   840 (2/11/16)
 GUATEMALA          299   297   290    2   -3    -3   385 (2/11/16)
 JAMAICA            429   430   424   -1   -5   -20   519 (2/11/15)
 MEXICO             198   200   188   -2    5    4    278 (2/11/16)
 PANAMA             207   208   197   -1   10    1    272 (2/11/16)
 PERU               204   209   189   -5    6   -27   291 (2/10/16)
 TRINIDAD & TOBAGO  207   170   166   37   21   109   173 (1/15/15)
 URUGUAY            258   264   251   -6    0   -10   344 (2/11/16)
 VENEZUELA          2925  2967  2908  -42  -39  133   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    Trinidad & Tobago wider by 37bp
    Ten-day shows 7 out of 17 sovereigns tighter
    Ecuador tightest YTD   
    
    PIPELINE:
    The City of Buenos Aires has announced initial price thoughts of high 7s on
a new 11-year amortizing bond ahead of expected pricing on Tuesday.    
     Roadshows marketing the bond, which has a 10-year average life, ended on
Monday in New York through leads Bank of America Merrill Lynch, Deutsche Bank
and HSBC. The issuer is looking to raise up to US$890m, partly to fund an up to
US$390m tender for its 9.95% 2017. Investors are being paid 105.5 on the tender.
    
    Brazilian beef company Marfrig has mandated BB Securities, Bradesco, HSBC,
Morgan Stanley and Santander to arrange investor meetings for next week. The
company, rated B2/B+/B+, was in London on Monday and will head to New York and
Boston on May 24.
    
    Automotive parts manufacturer Rassini has mandated Goldman Sachs to take it
on the road to meet investors next week in the US.
    The company was in New York on Monday, and will head to Boston on May 24 and
in Los Angeles on May 25. The company is rated BB- by S&P, while its main
operating subsidiary Rassini Automotriz carries a Ba2 rating from Moody's
        
    Goldman Sachs is on the road marketing a US$500m financing package for
Colombian road project Costera. 
    The borrower is looking at dollar bonds as well as inflation-linked peso
bonds and loans, according to Fitch, which assigned a BBB- rating to the notes. 
  

 (Reporting by Mike Gambale; editing by Shankar Ramakrishnan)