LATAM CLOSE-No deals price in LatAm primary

viernes 27 de mayo de 2016 11:19 GYT
 

* Mexico's ICA reports US$79m loss
    * Homebuilder gets US$48m to re-start
    * EM corporate leverage at new high: BAML
    * Brazil may come back to market this year

    By Mike Gambale and Paul Kilby
    NEW YORK, May 27 (IFR) - No deals priced in the LatAm primary market on
Friday.
    
    Below is a snapshot of LatAm sovereign credit spreads:   
     SOVEREIGN       5/26  5/25  5/24  1D  10D   YTD    2015/16 HIGH
 ARGENTINA           473   473   485   0   -24    -           -
 BARBADOS            652   647   649   5    -6    48    659 (2/11/16)
 BRAZIL              366   363   369   3    11   -120   542 (2/11/16)
 CHILE               100    92    95   8    5     14    143 (2/11/16)
 COLOMBIA            272   273   279   -1   3    -17    412 (2/11/16)
 COSTA RICA          484   484   487   0    -8   -33    587 (2/11/16)
 DOMINICAN REP       418   412   416   6    -5    3     542 (2/11/16)
 ECUADOR             904   900   916   4   -46   -411  1765 (2/11/16)
 EL SALVADOR         681   676   684   5    15    41    840 (2/11/16)
 GUATEMALA           298   294   295   4    -6    -4    385 (2/11/16)
 JAMAICA             430   425   427   5   -10   -19    519 (2/11/15)
 MEXICO              196   197   199   -1   1     2     278 (2/11/16)
 PANAMA              206   203   206   3    2     0     272 (2/11/16)
 PERU                202   201   206   1    2    -29    291 (2/10/16)
 TRINIDAD & TOBAGO   208   203   204   5    19   110    173 (1/15/15)
 URUGUAY             259   255   259   4    2     -9    344 (2/11/16)
 VENEZUELA           2929  2886  2939  43  156   137   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    One-day change shows most sovereigns wider
    Ten-day shows 10 of 17 sovereigns wider
    Ecuador has tightened 411bp YTD
    
    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 mandated Goldman Sachs for roadshows
that wrapped up 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 and Paul Kilby; Editing by Marc Carnegie)