LATAM CLOSE-No deals price in LatAm primary

jueves 26 de mayo de 2016 16:05 GYT
 

* Argentina's Cordoba preps new dollar bond
    * Camposol debt swap leaves issuer seeking more participants
    * Peru's Ferreycorp launches tender for 2020 notes

    By Mike Gambale and Paul Kilby
    NEW YORK, May 26 (IFR) - No deals priced in the LatAm primary market on
Thursday.
    
    Below is a snapshot of LatAm sovereign credit spreads:
     SOVEREIGN      5/25  5/24  5/23  1D   10D  YTD    2015/16 HIGH
 ARGENTINA          473   485   494   -12  -32   -          -
 BARBADOS           647   649   650   -2   -6    43   659 (2/11/16)
 BRAZIL             363   369   372   -6   11   -123  542 (2/11/16)
 CHILE               92    95    96   -3    3    6    143 (2/11/16)
 COLOMBIA           273   279   282   -6   10   -16   412 (2/11/16)
 COSTA RICA         484   487   489   -3   -5   -33   587 (2/11/16)
 DOMINICAN REP      412   416   417   -4   -8    -3   542 (2/11/16)
 ECUADOR            900   916   919   -16  -57  -415  1765 (2/11/16)
 EL SALVADOR        676   684   680   -8   19    36   840 (2/11/16)
 GUATEMALA          294   295   296   -1   -6    -8   385 (2/11/16)
 JAMAICA            425   427   429   -2   -12  -24   519 (2/11/15)
 MEXICO             197   199   201   -2    7    3    278 (2/11/16)
 PANAMA             203   206   208   -3    7    -3   272 (2/11/16)
 PERU               201   206   207   -5    6   -30   291 (2/10/16)
 TRINIDAD & TOBAGO  203   204   206   -1   14   105   173 (1/15/15)
 URUGUAY            255   259   261   -4    5   -13   344 (2/11/16)
 VENEZUELA          2886  2939  2965  -53  24    94   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    One-day change shows all sovereigns tighter
    Ten-day shows 10 out of 17 sovereigns wider
    Ecuador tighter YTD by 415bp
    
    PIPELINE:    
    Argentina's Province of Cordoba will start roadshows next week with JP
Morgan and Morgan Stanley as it seeks to market a US dollar bond, according to
an investor source.
    The borrower, rated B3/B-, will be in Los Angeles and London on May 31, in
New York and Boston on June 1 and in New York on June 2. The deal is being done
in conjunction with an up to US$200m cash tender for the province's 12.375% 2017
bonds. Holders are being offered a purchase price of 108.25.
    
    Automotive parts manufacturer Rassini has mandated Goldman Sachs to take it
on the road to meet investors next week in the US.
    The company wrapped up roadshows on Wednesday in Los Angeles. 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)