LATAM CLOSE-No deals price in LatAm primary market

martes 4 de octubre de 2016 15:53 GYT
 

* Citi to invest more than US$1bn in Mexico unit
    * Brazil cenbank sees no date for rate cut despite slow recovery
    * Santander Chile taps local bond market
    * Mexico's CFE eyes US$1bn 2026 bond: Fitch

    By Mike Gambale and Paul Kilby
    NEW YORK, Oct 4 (IFR) - No deals priced in the LatAm primary market on
Tuesday.
     
    Below is a snapshot of LatAm sovereign credit spreads:    
     SOVEREIGN      10/3  9/30  9/29   1D   10D    YTD    2015/16 HIGH
 ARGENTINA          422   427   432    -5    -7     -          -
 BARBADOS           645   645   651    0     3     41    659 (2/11/16)
 BRAZIL             288   289   290    -1   -14   -198   542 (2/11/16)
 CHILE               70    73    78    -3    -7    -16   143 (2/11/16)
 COLOMBIA           204   200   199    4    -13    -85   412 (2/11/16)
 COSTA RICA         387   390   393    -3    -4   -130   587 (2/11/16)
 DOMINICAN REP      338   340   340    -2   -22    -77   542 (2/11/16)
 ECUADOR            870   884   851   -14   -26   -445   1765 (2/11/16)
 EL SALVADOR        477   479   476    -2   -16   -163   840 (2/11/16)
 GUATEMALA          243   245   249    -2    2     -59   385 (2/11/16)
 JAMAICA            380   381   377    -1    0     -69   519 (2/11/15)
 MEXICO             179   184   186    -5    0     -15   278 (2/11/16)
 PANAMA             148   154   154    -6   -18    -58   272 (2/11/16)
 PERU               138   144   143    -6   -23    -93   291 (2/10/16)
 TRINIDAD & TOBAGO  215   218   229    -3    -2    117   173 (1/15/15)
 URUGUAY            217   218   222    -1    -5    -51   344 (2/11/16)
 VENEZUELA          2013  2122  2161  -109  -405  -779   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    One-day change 16 out of 17 sovereigns flat to tighter
    Ten-day trend 13 out of 17 sovereigns tighter
    YTD: Chile tighter by 16bp
    YTD: Guatemala tighter by 59bp
    YTD: Trinidad & Tobago wider by 117bp
    
    PIPELINE:  
    Panama's Global Bank is readying fixed-income investor meetings for next
week as it prepares to issue a possible senior unsecured note.
    The issuer was in New York on Tuesday and will head to Boston on October 5
and Los Angeles on October 6. Ratings are Ba1/BBB-/BBB-. 
    The deal is being done in conjunction with a tender for its outstanding 2017
covered bonds. Citigroup, Deutsche Bank and JP Morgan have been mandated as
leads, with UBS coming in as co-manager.
    
    Mexican development bank Nafin wrapped up roadshows last week, as it looks
to market a potential US dollar bond through Bank of America Merrill Lynch and
HSBC. The issuer is rated A3/BBB+/BBB+. 
          
    The Republic of Argentina is planning a dual-tranche offering of five and 10
year euro denominated bond.
    The sovereign has mandated BBVA, BNP Paribas and Credit Suisse to arrange a
series of fixed-income investors meetings that finished in Italy on Thursday.
The issuer is rated B3/B-.
    
     Bermuda started fixed-income investor meetings this week as it markets a
potential bond trade to finance a tender for existing bonds.
    The borrower is visiting accounts in London, New York, Boston and Los
Angeles all this week, and wrapping up with conference calls on October 10. 
    The deal is being done in conjunction with a tender for up to US$150m tender
for its outstanding 2020 and 2023 notes. HSBC is leading the transaction. 
    
    Mexican state-owned utility Comision Federal de Electricidad (CFE) is
marketing possible US$1bn 10-year bond. 
    The borrower was in London on Tuesday and will finished roadshows in New
York and Boston on Wednesday. Ratings are Baa1/BBB+/BBB+. BBVA, Bank of America
Merrill Lynch and Citigroup have been mandated to arrange the meetings. 

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