LATAM CLOSE-No new deals in primary market on Friday

viernes 23 de septiembre de 2016 14:25 GYT
 

* LatAm assets ease as Fed official urges rate hike
    * Mexico's Coke Femsa to buy Brazil's Vonpar in US$1.1bn deal
    * EM debt continues to enjoy inflows

    By Mike Gambale and Paul Kilby
    NEW YORK, Sept 23 (IFR) - No deals priced in the LatAm primary market on
Friday.    
    
    VOLUME STATISTICS
    THIS WEEK'S (US$) VOLUME:
    6 tranches for US$4.05bn
    
    SEPT VOLUME:
    9 tranches for US$9.05bn
    
    YTD VOLUME:
    84 tranches for US$82.773bn      
    
    Here is a snapshot of LatAm sovereign spreads:
     SOVEREIGN      9/22  9/21  9/20  1D    10D   YTD    2015/16 HIGH
 ARGENTINA          410   416   429   -6    -26    -          -
 BARBADOS           644   644   642    0    -1     40   659 (2/11/16)
 BRAZIL             283   291   302   -8    -2    -203  542 (2/11/16)
 CHILE               73    79    77   -6     9    -13   143 (2/11/16)
 COLOMBIA           200   211   217   -11   -5    -89   412 (2/11/16)
 COSTA RICA         380   387   391   -7     0    -137  587 (2/11/16)
 DOMINICAN REP      341   358   360   -17   -4    -74   542 (2/11/16)
 ECUADOR            866   877   896   -11   -14   -449  1765 (2/11/16)
 EL SALVADOR        474   484   493   -10   23    -166  840 (2/11/16)
 GUATEMALA          240   246   241   -6     5    -62   385 (2/11/16)
 JAMAICA            381   380   380    1     3    -68   519 (2/11/15)
 MEXICO             172   176   179   -4    11    -22   278 (2/11/16)
 PANAMA             148   162   166   -14   -5    -58   272 (2/11/16)
 PERU               144   157   161   -13   -2    -87   291 (2/10/16)
 TRINIDAD & TOBAGO  221   218   217    3    17    123   173 (1/15/15)
 URUGUAY            213   223   222   -10   11    -55   344 (2/11/16)
 VENEZUELA          2258  2338  2418  -80  -192   -534  3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    One-day change mostly tighter
    Ten-day trend 10 out of 17 sovereigns flat to tighter
    YTD: Barbados wider by 40bp
    YTD: Ecuador tighter by 449bp
    YTD: Panama tighter by 58bp    

    PIPELINE:   
    Ouro Verde Locacao e Servicio, rated BB-/BB-, announced a US$300m 5NC3. The
Brazilian company leases heavy equipment, machinery and fleets of light
vehicles. Bradesco, Santander and Scotiabank are acting as joint bookrunners.
The senior unsecured bond is expected to be listed in Luxembourg.
    IPTS: low-to-mid 8%
    
    Mexican retailer Liverpool has selected banks to take it on roadshows to
market a possible 10-year bond to international investors.
    The borrower will be in London and Los Angeles on September 26, in Boston
and New York on September 27 and in New York again on September 28. Citigroup,
Credit Suisse and Morgan Stanley have been mandated on the deal.
    
    Mexican bank Banorte will kick off roadshows next week to market a Tier 2
Basel III compliant bond to international investors.
    The borrower will be London and Los Angeles on September 26 and in New York
and Boston on September 27. The bank is eyeing either a 15NC10 or a 10NC5 bond.
Ratings on the sub debt are expected to be Ba1/BB+, while the bank itself is
rated A3/BBB+/BBB+.
    Bank of America Merrill Lynch, JP Morgan and Morgan Stanley have been
mandated on the deal.
    
    The Republic of Argentina is planning a dual-tranche, benchmark sized euro
denominated bond issue, according to a lead. 
    The sovereign has mandated BBVA, BNP Paribas and Credit Suisse to arrange a
series of fixed income investors meetings in Europe commencing on September 26.
    The issuer is rated B3/B-.
    
    The Republic of Peru has finished roadshows in the US and Europe to market a
local currency bond sale to international investors. Fixed-income investor
meetings took 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+.
    
    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.
    
    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.
    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 took place in Switzerland on September 22 and in London on
September 23. The tender is for cash and is targeting the following outstanding
EUR notes: EUR559.7m 3.250% 2021s.
    
    Brazilian corporate Ultrapar will start roadshows next week to market a
possible RegS senior unsecured US dollar bond.
    The company representatives will be in Boston and London on September 26,
Los Angeles and New York on September 27 and in New York again on September 28.
BB Securities, Bradesco BBI, Morgan Stanley and Santander have been mandated to
organize investor meetings. Ratings are Ba1/BB+.
    Ultrapar is involved in specialized distribution and retail, specialty
chemicals and liquid bulk storage.

 (Reporting by Mike Gambale and Paul Kilby; Editing by Shankar Ramakrishnan)