LATAM CLOSE-LatAm issuers raised US$4bn this week

viernes 16 de septiembre de 2016 14:50 GYT
 

* Investors blow cold on PDVSA swap
    * YPF prints Swiss franc debut
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    By Mike Gambale and Paul Kilby
    NEW YORK, Sept 16 (IFR) - Below is a recap of primary issuance activity in
the LatAm market on Friday:
     
    Number of deals priced: 1
    Total issuance: CHF300m
        
    YPF
    Argentina's oil and gas producer YPF (B3/NR/B) on Friday raised CHF300m
through a new three-year bond. The deal priced at par to yield 3.75%, the tight
end of initial price thoughts of 3.75%-4%. Credit Suisse and UBS were the
bookrunners.
    
    
    VOLUME STATISTICS
    THIS WEEK'S (US$) VOLUME:
    2 tranche for US$4bn
    
    SEPT VOLUME:
    3 tranche for US$5bn
    
    YTD VOLUME:
    78 tranches for US$78.723bn        
    
    Here is a snapshot of LatAm sovereign spreads:
     SOVEREIGN      9/15  9/14  9/13  1D   10D   YTD    2015/16 HIGH
 ARGENTINA          449   459   447   -10   6     -          -
 BARBADOS           640   642   639   -2   -26    36   659 (2/11/16)
 BRAZIL             307   308   297   -1    18   -179  542 (2/11/16)
 CHILE               74    73    65    1    9    -12   143 (2/11/16)
 COLOMBIA           223   223   211    0    9    -66   412 (2/11/16)
 COSTA RICA         395   395   383    0    12   -122  587 (2/11/16)
 DOMINICAN REP      362   357   351    5    15   -53   542 (2/11/16)
 ECUADOR            909   903   892    6    14   -406  1765 (2/11/16)
 EL SALVADOR        482   481   465    1    14   -158  840 (2/11/16)
 GUATEMALA          249   252   241   -3    13   -53   385 (2/11/16)
 JAMAICA            380   380   377    0   -15   -69   519 (2/11/15)
 MEXICO             176   179   166   -3    9    -18   278 (2/11/16)
 PANAMA             166   167   154   -1    8    -40   272 (2/11/16)
 PERU               162   159   150    3    4    -69   291 (2/10/16)
 TRINIDAD & TOBAGO  209   210   202   -1    -3   111   173 (1/15/15)
 URUGUAY            215   215   207    0    -2   -53   344 (2/11/16)
 VENEZUELA          2434  2431  2458   3   -119  -358  3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    One-day change mixed
    Ten-day trend 13 out of 17 sovereigns wider
    YTD: Colombia tighter by 66bp
    YTD: El Salvador tighter by 158bp
    YTD: Peru tighter by 69bp   
    
    PIPELINE:
    Mexican financing and leasing company Unifin will start international
roadshows next week in an effort to market a new US dollar denominated bond.
 The borrower will be in Switzerland and Los Angeles on September 19, in London
and Boston on September 20 and in New York on September 21. Expected ratings are
BB/BB by S&P and Fitch. Citigroup, Credit Suisse and UBS have been mandated as
joint bookrunners.
    
    The Republic of Peru will start roadshows in the US and Europe next week to
market a local currency bond sale to international investors. Fixed-income
investor meetings will take place between September 19 and 23, stopping in New
York, Los Angeles, Boston, London and Frankfurt. BBVA, Bank of America Merrill
Lynch and HSBC have been mandated to arrange the meetings. Ratings are
A3/BBB+/BBB+.
    
    Ouro Verde Locacao e Servicio started roadshows this week to market a
possible US dollar 144A/RegS bond. The company was in  Switzerland on Friday,
and next week will head to Los Angeles on September 19, Boston on September 20
and New York on September 21.  The Brazilian company, rated BB-/BB-, leases
heavy equipment, machinery and fleets of light vehicles. Bradesco, Santander and
Scotiabank are organizing roadshows. 
    
    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.
    
    Bankers has started marketing a Green bond to help fund the construction and
operation of Mexico City's new international airport. The bond, which is being
issued through a special purpose trust, is expected to be the first of up to
US$6bn of such trades, allowing the borrower to create an extensive curve over
time. Bondholders will be paid through cash flows collected from passenger
charges from the current airport and the new Mexico City International Airport
(NAICM) that will start operations in 2020.  The issuer was in Los Angeles on
Friday and will wrap up roadshows in New York on September 19. Citigroup, HSBC
and JP Morgan are acting as global coordinators, while BBVA and Santander are
coming in as joint bookrunners. Expected ratings are Baa1/BBB+/BBB+.
    
    Brazil's BRF GmbH, a wholly owned subsidiary of BRF SA, (rated Ba1/BBB/BBB)
has finished roadshows organized by BB Securities, Bradesco, Itau, JP Morgan and
Santander. 
    A US dollar-denominated 144A/Reg S senior unsecured bond issue with
intermediate to long maturity is expected to follow, subject to market
conditions.

 (Reporting by Mike Gambale; editing by Shankar Ramakrishnan)