LATAM CLOSE-No new Latam deals price on Monday

lunes 26 de septiembre de 2016 14:53 GYT
 

* 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)