LATAM CLOSE-No deals price in LatAm primary market
* PDVSA bonds mostly down as market awaits swap details * YPF opens books on bond debut in Swiss francs * Mexico's Unifin preps new dollar bond By Mike Gambale and Paul Kilby NEW YORK, Sept 15 (IFR) - No deals priced in the LatAm primary market on Thursday. Here is a snapshot of LatAm sovereign spreads: SOVEREIGN 9/14 9/13 9/12 1D 10D YTD 2015/16 HIGH ARGENTINA 459 447 435 12 22 - - BARBADOS 642 639 645 3 -24 38 659 (2/11/16) BRAZIL 308 297 290 11 23 -178 542 (2/11/16) CHILE 73 65 69 8 12 -13 143 (2/11/16) COLOMBIA 223 211 206 12 14 -66 412 (2/11/16) COSTA RICA 395 383 384 12 17 -122 587 (2/11/16) DOMINICAN REP 357 351 348 6 14 -58 542 (2/11/16) ECUADOR 903 892 888 11 25 -412 1765 (2/11/16) EL SALVADOR 481 465 463 16 9 -159 840 (2/11/16) GUATEMALA 252 241 242 11 18 -50 385 (2/11/16) JAMAICA 380 377 380 3 -20 -69 519 (2/11/15) MEXICO 179 166 163 13 18 -15 278 (2/11/16) PANAMA 167 154 157 13 17 -39 272 (2/11/16) PERU 159 150 154 9 5 -72 291 (2/10/16) TRINIDAD & TOBAGO 210 202 205 8 -10 112 173 (1/15/15) URUGUAY 215 207 209 8 4 -53 344 (2/11/16) VENEZUELA 2431 2458 2485 -27 -115 -361 3713 (2/12/16) Source: Bank of America Merrill Lynch Master Index SPREAD TRENDS: One-day change most sovereigns wider Ten-day trend 13 out of 17 sovereigns wider YTD: Colombia tighter by 66bp YTD: El Salvador tighter by 159bp YTD: Peru tighter by 72bp PIPELINE: Mexican financing and leasing company Unifin will start international roadshows next week in an effort to market a new US dollar denominated bond. The borrower will be in Switzerland and Los Angeles on September 19, in London and Boston on September 20 and in New York on September 21. Expected ratings are BB/BB by S&P and Fitch. Citigroup, Credit Suisse and UBS have been mandated as joint bookrunners. 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 was in London on Thursday and will head to Switzerland on Friday. The following week it will meet investors in 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, which is expected to be rated BBB+/BBB+. Bank of America Merrill Lynch, Citigroup and Credit Suisse have been mandated as leads. Argentina's YPF (B3/NR/B) has opened books on a three-year debut Swiss franc trade for a minimum size of CHF100m. IPTs have been set at 3.75%-4%. Leads CS and UBS will close the books by Friday 16 Sept 3:30pm CET, with pricing for the B3/NR/B rated Argentinean corporate expected this week. 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 Boston on Thursday and will head to Los Angeles on Friday. Roadshows will wrap up in New York on September 19. 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 finished roadshows organized by BB Securities, Bradesco, Itau, JP Morgan and Santander. A US dollar-denominated 144A/Reg S senior unsecured bond issue with intermediate to long maturity is expected to follow, subject to market conditions. (Reporting by Mike Gambale)
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