LatAm credits on solid footing

martes 21 de abril de 2015 12:18 GYT

NEW YORK, April 21 (IFR) - Latin American credits were on solid footing Tuesday, with most bonds from the region flat to tighter as global stocks climbed and oil prices remained steady.

Though Brazil was on holiday, its sovereign and quasi-sovereign debt ahead was up on the expected release of delayed Petrobras results this week, said a New York-based trader.

The sovereign's benchmark 2025s were trading about a point higher at 100.45, while the five-year CDS was being quoted at 321bp, according to Thomson Reuters data.

Petrobras was also trading tighter, with its 2024s quoted at 450bp-440bp after it announced it had clinched about US$4bn in bank financing to cover its funding needs for the rest of 2015.

"The total of US$6.6bn recently raised in new funding plus the US$3bn in sale/leaseback places the company in a more comfortable liquidity position and I think it may delay some asset sales," Omar Zeolla, an analyst at Oppenheimer, wrote in a report.

Meanwhile high-grade credits elsewhere in the region were continuing to catch a decent bid, tightening against a flat Treasury market.

Southern Copper's new 10 and 30-year bonds were being quoted at 196bp-193bp and 335bp-332bp, after pricing Monday at 205bp and 340bp, respectively.

The miner, which has operations in Peru and Mexico, saw books swelled to US$8.25bn despite broader concerns about the commodity sector.

Other recent issues were also holding their own. BBVA Colombia's new Tier 2 10-year was quoted at 100.80-101.00, marking a good point jump since it priced last week.   Continuación...