LATAM CLOSE-One LatAm deal prices for 250m

viernes 19 de febrero de 2016 16:09 GYT
 

* Bankers await Panama mandate
    * CAF returns to euro bond market
    * Pacific battles debt acceleration
    * Fitch downgrades Embotelladora Atic

    By Anthony Rodriguez
    NEW YORK, Feb 19 (IFR) - One deal priced in the LatAm primary market on
Friday.
    
    Number of deals priced: 1
    Total issuance volume: EUR250m
    Average New Issue Concession: 11  

    Regional development bank CAF priced a EUR250m tap of its 1% 2020 at 100.803
to yield 0.825% or mid-swaps plus 80bp, in line with guidance, CA-CIB and Credit
Suisse acted as leads on the deal rated Aa3/AA-/AA- by Moody's, S&P and Fitch.
    IPTs: MS+80bp area
    PRICE GUIDANCE: MS+80bp area
    LAUNCH: MS+80
    PRICED: CAF EUR250m tap of 2020: 100.803; 1.00%C; 0.825%Y; MS+80bp
    BOOK: EUR200m
    NIC: 11bp
            
    Here is a snapshot of LatAm sovereign credit spreads: 
     SOVEREIGN        2/18     2/17    2/16    1D   10D   YTD    2015/16 HIGH
 BARBADOS              654      648    653     6     9     50   659 (2/11/16)
 BRAZIL                515      509    526     6     10    29   542 (2/11/16)
 CHILE                 118      113    125     5     -5    32   143 (2/11/16)
 COLOMBIA              366      364    384     2    -13    77   412 (2/11/16)
 COSTA RICA            574      569    574     5     28    57   587 (2/11/16)
 DOMINICAN REP         503      505    521     -2    -3    88   542 (2/11/16)
 ECUADOR              1580     1624    1697   -44   -57   265   1765 (2/11/16)
 EL SALVADOR           802      808    822     -6    1    162   840 (2/11/16)
 GUATEMALA             367      363    368     4     4     65   385 (2/11/16)
 JAMAICA               494      491    498     3    -10    45   519 (2/11/15)
 MEXICO                248      246    260     2     0     54   278 (2/11/16)
 PANAMA                244      242    254     2     -3    38   272 (2/11/16)
 PERU                  277      272    284     5     6     46   291 (2/10/16)
 TRINIDAD & TOBAGO     166      162    151     4     18    68   173 (1/15/15)
 URUGUAY               317      316    325     1     1     49   344 (2/11/16)
 VENEZUELA            3104     3219    3427   -115  -53   312   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index    
       
    LATAM PIPELINE 
    The province of Buenos Aires is expected to come with a deal after local
papers reported Citibank, JP Morgan and HSBC have been mandated on an up to
US$500m bond deal for which the borrower hopes to pay anywhere between 9%-9.5%.
    The province of Mendoza is looking to raise US$300m in both the local and
international markets to refinance debt, according to local reports. 
    And while Neuquen province is in less of a rush thanks to tax receipts from
the federal government, it too is contemplating a bond issue. 
    The United Mexican States has filed an up to US$10bn debt shelf with the US
Securities and Exchange Commission. Proceeds will be used for general purposes,
including refinancing and the repurchase of debt.
    Argentine E&P company Medanito has wrapped up roadshows ahead of a possible
transaction through Itau and UBS. Expected rating is CCC+ by Fitch.
    Concesion Pacifico Tres, a toll-road concession in Colombia, wrapped up a
roadshow through Goldman Sachs. The company is looking to raise up to US$272m of
bonds, according to Fitch, which has rated the senior secured bonds BBB-.
    Pacifico Tres is jointly owned by Construcciones El Condor SA, Mario Alberto
Huertas Cotes, and Constructora MECO SA. Structure Banca de Inversion is acting
as its financial advisor.
    Argentina utility Pampa Energia's shareholders have approved a US$500m debt
program.
    Uruguay plans to raise up to US$1.5bn in bonds this year.
    Colombia hopes to issue US dollar or euro-denominated bonds soon, the
country's finance minister has told market participants.

 (Reporting by Anthony Rodriguez; Editing by Marc Carnegie)