LATAM CLOSE-No new Latam deals price on Monday
* Nafin to roadshow US dollar bond * Brazil smallest current account deficit in close to a decade * LatAm stocks, currencies weak ahead of US presidential debate * CSN eyes sale of part of stake in Congohas Minerios * Corrects name of lead on Liverpool roadshow By Mike Gambale and Paul Kilby NEW YORK, Sept 26 (IFR) - No new deals priced in the LatAm primary market on Monday: Below is a snapshot of LatAm sovereign credit spreads: SOVEREIGN 9/23 9/22 9/21 1D 10D YTD 2015/16 HIGH ARGENTINA 424 410 416 14 -11 - - BARBADOS 646 644 644 2 1 42 659 (2/11/16) BRAZIL 291 283 291 8 1 -195 542 (2/11/16) CHILE 76 73 79 3 7 -10 143 (2/11/16) COLOMBIA 206 200 211 6 0 -83 412 (2/11/16) COSTA RICA 386 380 387 6 2 -131 587 (2/11/16) DOMINICAN REP 338 341 358 -3 -10 -77 542 (2/11/16) ECUADOR 850 866 877 -16 -38 -465 1765 (2/11/16) EL SALVADOR 473 474 484 -1 10 -167 840 (2/11/16) GUATEMALA 241 240 246 1 -1 -61 385 (2/11/16) JAMAICA 382 381 380 1 2 -67 519 (2/11/15) MEXICO 180 172 176 8 17 -14 278 (2/11/16) PANAMA 156 148 162 8 -1 -50 272 (2/11/16) PERU 148 144 157 4 -6 -83 291 (2/10/16) TRINIDAD & TOBAGO 223 221 218 2 18 125 173 (1/15/15) URUGUAY 216 213 223 3 7 -52 344 (2/11/16) VENEZUELA 2239 2258 2338 -19 -246 -553 3713 (2/12/16) Source: Bank of America Merrill Lynch Master Index SPREAD TRENDS: One-day change mostly wider Ten-day trend mixed YTD: Brazil tighter by 195bp YTD: El Salvador tighter by 167bp YTD: Peru tighter by 83bp PIPELINE: Mexican development bank Nafin will start roadshows this week to market a potential US dollar bond through Bank of America Merrill Lynch and HSBC. The borrower will split into three teams, visiting London, Boston, New York and Los Angeles on Tuesday and Wednesday. The issuer is rated A3/BBB+/BBB+. Mexican retailer Liverpool has selected banks to take it on roadshows to market a possible 10-year bond to international investors. The borrower was in London and Los Angeles on Monday and will head to Boston and New York on September 27 and New York again on September 28. Citigroup, Credit Suisse and JP Morgan have been mandated on the deal. (Corrects name of lead to JP Morgan which is also coordinating roadshows.) Mexican bank Banorte is marketing a Tier 2 Basel III compliant bond to international investors. The borrower was in London and Los Angeles on Monday and will head to New York and Boston on Tuesday. 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. BBVA, Bank of America Merrill Lynch and HSBC have been mandated to arrange the meetings. Ratings are A3/BBB+/BBB+. Brazilian corporate Ultrapar is marketing a possible RegS senior unsecured US dollar bond. The company representatives were in Boston and London on Monday and will head to Los Angeles and New York on September 27 and 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. Votorantim Cimentos (rated Ba2 /BB+/BBB-) has mandated Banco Votorantim, BofA Merrill Lynch, Citigroup, HSBC, JP Morgan and Santander on a possible USD 144A/Reg S senior notes offering. The deal is subject to the results of a concurrent tender for euro denominated 3.25% 2021s and 3.5% 2022s. 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. 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% (Reporting by Mike Gambale and Paul Kilby; Editing by Shankar Ramakrishnan)
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