26 de octubre de 2016 / 21:02 / hace 10 meses

LATAM CLOSE-No deals price in LatAm primary market

* Trinidad's TGU sets IPTs on 11-year amortizing bond
    * JBS bonds slump after reorg plans falter
    * Brazil defaults stay at record as refinancing gets tougher

    By Mike Gambale
    NEW YORK, Oct 26 (IFR) - No deals priced in the LatAm primary market on
Wednesday.
    
    Below is a snapshot of LatAm sovereign credit spreads:
     SOVEREIGN      10/25  10/24  10/21   1D   10D   YTD    2015/16 HIGH
 ARGENTINA           424    416    419    8    -16    -          -
 BARBADOS            624    623    625    1     -4    20   659 (2/11/16)
 BRAZIL              280    278    280    2     -8   -206  542 (2/11/16)
 CHILE               73     71     73     2     8    -13   143 (2/11/16)
 COLOMBIA            202    198    200    4     -7   -87   412 (2/11/16)
 COSTA RICA          378    374    376    4     -8   -139  587 (2/11/16)
 DOMINICAN REP       346    339    346    7    -20   -69   542 (2/11/16)
 ECUADOR             754    764    767   -10   -73   -561  1765 (2/11/16)
 EL SALVADOR         485    491    499    -6   -71   -155  840 (2/11/16)
 GUATEMALA           244    244    245    0     3    -58   385 (2/11/16)
 JAMAICA             360    354    355    6    -17   -89   519 (2/11/15)
 MEXICO              168    165    166    3     6    -26   278 (2/11/16)
 PANAMA              147    144    146    3     2    -59   272 (2/11/16)
 PERU                142    138    137    4     5    -89   291 (2/10/16)
 TRINIDAD & TOBAGO   219    216    218    3     13   121   173 (1/15/15)
 URUGUAY             213    211    214    2     2    -55   344 (2/11/16)
 VENEZUELA          2180   2179   2300    1     51   -612  3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS
    One-day change 15 out of 17 sovereigns flat to wider
    Ten-day trend 8 out of 17 sovereigns tighter
    YTD: Barbados wider by 20bp
    YTD: Dominican Republic tighter by 69bp
    YTD: Mexico tighter by 26bp
    
    PIPELINE
    Trinidad Generation Unlimited (TGU) has set initial price thoughts of
T+400bp area on a 11-year amortizing US dollar-denominated bond, with pricing
expected as soon as Thursday.
    Proceeds are going to repay a US$600m syndicate bridge facility maturing in
July 2017. Expected ratings are BBB/BBB-.  The bond has a 10-year average life
amortizing in six equal semi annual installments during the last three years of
the bond's life. Settlement is on November 4 2016.
    Credit Suisse and Scotiabank are acting as joint book-running managers,
while RBC Capital Markets is a bookrunner. 
    
    Argentina's Banco Macro (B3/-/B) mandated Goldman Sachs and UBS as joint
books and Macro Securities as local placement agent for investor meetings that
began October 25.
    An up to US$400m 144A/Reg S Basel III-compliant T2 ten-year noncall five,
rated Caa1 by Moody's and B- by Fitch, may follow. 
    Roadshow: Oct 25 (London), Oct 26 (New York), Oct 27 (Boston), Oct 28 (Los
Angeles), Oct 31 (New York).
    
    Argentina's Compania General de Combustibles has started roadshows to market
a possible US dollar bond through Bank of America Merrill Lynch, Citigroup and
Itau.
    Roadshow: Oct 25 (London), Oct 26 (New York), Oct 27 (Boston), Oct 28 (New
York). Expected ratings B-/B by S&P and Fitch.
    
    LATAM Airlines Group S.A. ("LATAM", NYSE: LFL), a Chile-based airline group,
has finished a roadshow ahead of a possible a USD-denominated benchmark 144A/Reg
S 7-year offering.
    Citigroup and JP Morgan are mandated as global coordinators and joint
bookrunners and BNPP, BofAML, Deutsche Bank, and Santander as joint bookrunners.
    

 (Reporting by the IFR team; Editing by Marc Carnegie)

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