LATAM CLOSE-LatAm issuers raised US$4bn this week
* Investors blow cold on PDVSA swap * YPF prints Swiss franc debut * EM debt funds suffer outflows: Lipper By Mike Gambale and Paul Kilby NEW YORK, Sept 16 (IFR) - Below is a recap of primary issuance activity in the LatAm market on Friday: Number of deals priced: 1 Total issuance: CHF300m YPF Argentina's oil and gas producer YPF (B3/NR/B) on Friday raised CHF300m through a new three-year bond. The deal priced at par to yield 3.75%, the tight end of initial price thoughts of 3.75%-4%. Credit Suisse and UBS were the bookrunners. VOLUME STATISTICS THIS WEEK'S (US$) 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)
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