LATAM CLOSE-No deals price in LatAm primary market

miércoles 14 de septiembre de 2016 16:51 GYT
 

* Peru to market local-currency bonds to international investors
    * LatAm bonds weaken on uncertainty over Fed
    * Brazil plans to privatize Cemig by November

    By Mike Gambale
    NEW YORK, Sept 14 (IFR) - No deals priced in the LatAm primary market on
Wednesday.
    
    Here is a snapshot of LatAm sovereign spreads:
     SOVEREIGN      9/13  9/12  9/9   1D   10D    YTD    2015/16 HIGH
 ARGENTINA          447   435   436   12    16     -          -
 BARBADOS           639   645   645   -6   -26    35    659 (2/11/16)
 BRAZIL             297   290   285    7    16   -189   542 (2/11/16)
 CHILE               65    69    64   -4    4     -21   143 (2/11/16)
 COLOMBIA           211   206   205    5    9     -78   412 (2/11/16)
 COSTA RICA         383   384   380   -1    5    -134   587 (2/11/16)
 DOMINICAN REP      351   348   345    3    13    -64   542 (2/11/16)
 ECUADOR            892   888   880    4    7    -423   1765 (2/11/16)
 EL SALVADOR        465   463   451    2    -7   -175   840 (2/11/16)
 GUATEMALA          241   242   235   -1    9     -61   385 (2/11/16)
 JAMAICA            377   380   378   -3    2     -72   519 (2/11/15)
 MEXICO             166   163   161    3    8     -28   278 (2/11/16)
 PANAMA             154   157   153   -3    6     -52   272 (2/11/16)
 PERU               150   154   146   -4    -3    -81   291 (2/10/16)
 TRINIDAD & TOBAGO  202   205   204   -3    17    104   173 (1/15/15)
 URUGUAY            207   209   202   -2    -4    -61   344 (2/11/16)
 VENEZUELA          2458  2485  2450  -27   58   -334   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    One-day change: mixed
    Ten-day trend: 13 out of 17 sovereigns wider
    YTD: Colombia tighter by 78bp
    YTD: El Salvador tighter by 175bp
    YTD: Peru tighter by 81bp
    
    PIPELINE:
    The Republic of Peru will start roadshows in the US and Europe next week to
market a local currency bond sale to international investors.
    Fixed-income investor meetings will take place between September 19 and 23,
stopping in New York, Los Angeles, Boston, London and Frankfurt.
    BBVA, Bank of America Merrill Lynch and HSBC have been mandated to arrange
the meetings. Ratings are A3/BBB+/BBB+.

    Ouro Verde Locacao e Servicio started roadshows this week to market a
possible US dollar 144A/RegS bond.
    The company will be in London on September 14-15, and Switzerland on
September 16. The following week it will head to Los Angeles on September 19,
Boston on September 20 and New York on September 21. 
    The Brazilian company, rated BB-/BB-, leases heavy equipment, machinery and
fleets of light vehicles. Bradesco, Santander and Scotiabank are organizing
roadshows. 
    
    Mexico's Banco Inbursa has finished marketing a new US dollar 10-year senior
unsecured bond, according to market sources. Expected ratings are BBB+/BBB+.
Bank of America Merrill Lynch, Citigroup and Credit Suisse have been mandated as
leads.

    Argentina's YPF (B3/NR/B) mandated Credit Suisse and UBS to arrange
fixed-income meetings in Switzerland on September 12-13. A potential debut Swiss
franc unsecured debt offering may follow.

    JSL, a logistics services provider operating in Brazil, has wrapped up
roadshows on a possible 144A/Reg S senior unsecured US dollar bond. BB
Securities, Bradesco BBI, Morgan Stanley and Santander have been mandated on the
deal. Ratings are BB/BB by S&P and Fitch.
    
    Bankers has started marketing a Green bond to help fund the construction and
operation of Mexico City's new international airport. 
    The bond, which is being issued through a special purpose trust, is expected
to be the first of up to US$6bn of such trades, allowing the borrower to create
an extensive curve over time. Bondholders will be paid through cash flows
collected from passenger charges from the current airport and the new Mexico
City International Airport (NAICM) that will start operations in 2020.
    The issuer was in London on Wednesday, and will head to Boston on Thursday
and Los Angeles on Friday.  Roadshows will wrap up in New York on September 19
ahead of expected pricing. Citigroup, HSBC and JP Morgan are acting as global
coordinators, while BBVA and Santander are coming in as joint bookrunners.
Expected ratings are Baa1/BBB+/BBB+.

    Brazil's BRF GmbH, a wholly owned subsidiary of BRF SA, (rated Ba1/BBB/BBB)
has mandated BB Securities, Bradesco, Itau, JP Morgan and Santander to organize
a series of fixed-income investor meetings. 
    A US dollar-denominated 144A/Reg S senior unsecured bond issue with
intermediate to long maturity is expected to follow, subject to market
conditions. The meetings finished in New York, Chicago and Boston on Tuesday. 
    The Brazilian food company has launched a tender offer targeting about
US$291m in outstanding 2020 and 2022 bonds. The borrower is offering a purchase
price of 112.75 on the 7.25% 2020s and 110.50 on the 5.875% 2022s. BNP Paribas,
BTG Pactual and HSBC are acting as dealer managers on that offer, which expires
on September 14.

 (Reporting by Mike Gambale; Editing by Natalie Harrison)