LATAM CLOSE-No deals price in LatAm primary market
* PDVSA 2017s slip on disappointing debt swap terms * Municipality of Cordoba to start roadshows * Argentina will not need more than US$15bn in debt next year: FinMin * CAF readies dollar trade By Mike Gambale and Paul Kilby NEW YORK, Sept 19 (IFR) - No deals priced in the LatAm primary market on Monday. Here is a snapshot of LatAm sovereign spreads: SOVEREIGN 9/16 9/15 9/14 1D 10D YTD 2015/16 HIGH ARGENTINA 448 449 459 -1 17 - - BARBADOS 641 640 642 1 -19 37 659 (2/11/16) BRAZIL 316 307 308 9 34 -170 542 (2/11/16) CHILE 78 74 73 4 16 -8 143 (2/11/16) COLOMBIA 230 223 223 7 20 -59 412 (2/11/16) COSTA RICA 395 395 395 0 16 -122 587 (2/11/16) DOMINICAN REP 366 362 357 4 22 -49 542 (2/11/16) ECUADOR 906 909 903 -3 16 -409 1765 (2/11/16) EL SALVADOR 489 482 481 7 24 -151 840 (2/11/16) GUATEMALA 250 249 252 1 16 -52 385 (2/11/16) JAMAICA 379 380 380 -1 -14 -70 519 (2/11/15) MEXICO 185 176 179 9 22 -9 278 (2/11/16) PANAMA 172 166 167 6 19 -34 272 (2/11/16) PERU 166 162 159 4 11 -65 291 (2/10/16) TRINIDAD & TOBAGO 209 209 210 0 -1 111 173 (1/15/15) URUGUAY 221 215 215 6 7 -47 344 (2/11/16) VENEZUELA 2458 2434 2431 24 -18 -334 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: Barbados wider by 37bp YTD: Ecuador tighter by 409bp YTD: Panama tighter by 34bp PIPELINE: Latin American development bank Corporacion Andina de Fomento (CAF) has set initial price thoughts of MS+105bp area on a new five-year bond ahead of expected pricing on Tuesday. The Global SEC registered bond will mature on September 27 2021. Ratings on the senior unsecured issue are expected to be Aa3/AA-/AA-. The bonds will be listed on the London Stock Exchange and governed by New York law. Proceeds are going toward funding lending operations. Barclays, Bank of America Merrill Lynch, Citigroup and HSBC are acting as bookrunners. Argentina's Municipality of Cordoba will start roadshows this week to market a possible US dollar bond. The borrower will be in Switzerland, Boston and Santiago on Tuesday, and will wrap up meetings in London and New York on Wednesday. The proposed issue has received B3/B ratings from Moody's and Fitch. The municipality is looking to issue up to US$150m through a fixed-rate amortizing bond, according to the rating agencies. Santander will act as lead on the transaction. Mexican financing and leasing company Unifin started international roadshows this week in an effort to market a new US dollar denominated bond. The borrower was in Switzerland and Los Angeles on Monday, and will head to London and Boston on September 20 and 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 has started roadshows in the US and Europe 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 is meeting investors to market a possible US dollar 144A/RegS bond. The company was in Los Angeles on Monday and will head to Boston on September 20 before wrapping up in 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. 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 are 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 wrapped up roadshows in New York on Monday. 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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