Latam primary market showing signs of life

jueves 23 de abril de 2015 11:08 GYT

By Paul Kilby

NEW YORK, April 23 (IFR) - The Latam primary markets were showing signs of life on Thursday with Chilean utility Guacolda out with IPTs of Treasuries plus 300bp area on a will-not-grow US$500m 10-year bond.

Argentine oil company YPF is also out with guidance of 8.75% area(+/- 1/8) on an up to US$1.5bn 10-year.

The deals are being marketed on a day when sentiment was lifted by Brazilian oil company Petrobras which avoided a covenant breach with the release of its long-awaited audited results for 2014.

Petrobras's curve tightened by up to 50bp this morning with the 2024s being quoted at 410bp, according to a New York based trader.

The company reported non-cash impairment cost of R$44.3bn plus an additional R$6.19bn in corruption related losses, not to mention a jump in net leverage to 4.77x.


Banco Latinoamericano de Comercio Exterior (Bladex), a Panama-based trade bank, is poised to kick off fixed-income investor meetings through Bank of America Merrill Lynch and Citigroup.   Continuación...