LATAM CLOSE-No deals price in LatAm primary market
* Eldorado selloff does little to dampen Brazilian bond allure * Municipality of Cordoba sets IPTs on new bond * America Movil eyes purchase of Brazil's Oi By Mike Gambale and Paul Kilby NEW YORK, Sept 21 (IFR) - No deals priced in the LatAm primary market on Wednesday. Here is a snapshot of LatAm sovereign spreads: SOVEREIGN 9/20 9/19 9/16 1D 10D YTD 2015/16 HIGH ARGENTINA 429 440 448 -11 9 - - BARBADOS 642 641 641 1 -23 38 659 (2/11/16) BRAZIL 302 307 316 -5 26 -184 542 (2/11/16) CHILE 77 78 78 -1 13 -9 143 (2/11/16) COLOMBIA 217 224 230 -7 17 -72 412 (2/11/16) COSTA RICA 391 392 395 -1 11 -126 587 (2/11/16) DOMINICAN REP 360 361 366 -1 16 -55 542 (2/11/16) ECUADOR 896 902 906 -6 9 -419 1765 (2/11/16) EL SALVADOR 493 492 489 1 39 -147 840 (2/11/16) GUATEMALA 241 246 250 -5 6 -61 385 (2/11/16) JAMAICA 380 379 379 1 -7 -69 519 (2/11/15) MEXICO 179 181 185 -2 22 -15 278 (2/11/16) PANAMA 166 169 172 -3 17 -40 272 (2/11/16) PERU 161 164 166 -3 12 -70 291 (2/10/16) TRINIDAD & TOBAGO 217 212 209 5 2 119 173 (1/15/15) URUGUAY 222 223 221 -1 11 -46 344 (2/11/16) VENEZUELA 2418 2484 2458 -66 7 -374 3713 (2/12/16) Source: Bank of America Merrill Lynch Master Index SPREAD TRENDS: One-day change mostly tighter Ten-day trend 15 out of 17 sovereigns wider YTD: Barbados wider by 38bp YTD: Ecuador tighter by 419bp YTD: Panama tighter by 40bp PIPELINE: PIPELINE: Argentina's municipality of Cordoba has set initial price thoughts of low to mid 8% on USD150m eight-year amortizing bond, with pricing expected as soon as Thursday. The Reg S bond, which amortizes in years six, seven and eight, is expected to be rated B3 (Moody's) / B (Fitch). Use of proceeds is to refinance certain existing indebtedness and fund infrastructure projects and public works. Santander is the bookrunner. Mexican financing and leasing company Unifin started international roadshows this week in an effort to market a new US dollar denominated bond. The borrower ended roadshows in New York on Wednesday. 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 finished roadshows in New York on Wednesday. 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. Votorantim Cimentos (rated Ba2 /BB+/BBB-) has mandated Banco Votorantim, BofA Merrill Lynch, Citigroup, HSBC, JP Morgan and Santander to arrange a series of fixed income investor meetings in Europe and the United States, commencing on September 22, 2016. A benchmark USD144A/Reg S senior notes offering with intermediate maturity may follow, subject to market conditions and results of a concurrent tender offer. The roadshow starts in Switzerland on September 22 and continues in London on September 23. The tender is for cash and is targeting the following outstanding EUR notes: EUR559.7m 3.250% 2021s. (Reporting by Mike Gambale; Editing by Paul Kilby)
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