27 de enero de 2017 / 18:46 / hace 10 meses

LATAM CLOSE-LatAm primary finishes week with US$1.76bn of supply

* Argentina's Banco Supervielle preps crossborder local currency issue
    * CLISA to engage investors on tap of its 2023 bonds
    * CABEI taps niche currency markets to raise US$112m equivalent

    By Mike Gambale
    NEW YORK, Jan 27 (IFR) - No deals were pricing in the LatAm primary market
on Friday.  

    THIS WEEK'S US$ VOLUME:
    4 tranches for US$1.76bn
    
    JANUARY VOLUME:
    19 tranches for US$21.277bn
    
    YTD VOLUME:
    19 tranches for US$21.277bn
            
    Below is a snapshot of sovereign credit spreads across the region.    
     SOVEREIGN      1/26  1/25  1/24  1D   10D   YTD    2015/16 HIGH
 ARGENTINA          435   441   439   -6   -14    9          -
 BARBADOS           666   665   670    1   -14    23   659 (2/11/16)
 BRAZIL             265   271   268   -6    -4   -37   542 (2/11/16)
 CHILE               74    70    70    4    0    -10   143 (2/11/16)
 COLOMBIA           191   188   186    3    5     -8   412 (2/11/16)
 COSTA RICA         393   392   397    1   -15   -46   587 (2/11/16)
 DOMINICAN REP      351   356   360   -5   -14   -44   542 (2/11/16)
 ECUADOR            627   628   632   -1    -4   -27   1765 (2/11/16)
 EL SALVADOR        623   585   570   38   104   102   840 (2/11/16)
 GUATEMALA          253   251   255    2    -5    -9   385 (2/11/16)
 JAMAICA            345   349   358   -4   -13   -18   519 (2/11/15)
 MEXICO             195   199   204   -4    -9    -6   278 (2/11/16)
 PANAMA             159   163   164   -4    -3   -22   272 (2/11/16)
 PERU               150   148   148    2    -1   -17   291 (2/10/16)
 TRINIDAD & TOBAGO  205   201   205    4    -7   -15   173 (1/15/15)
 URUGUAY            212   209   210    3    -2   -20   344 (2/11/16)
 VENEZUELA          2091  2124  2122  -33  -185  -203  3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
        
    SPREAD TRENDS:
    One-day change 9 out of 17 sovereigns wider
    Ten-day trend 14 out of 17 sovereigns tighter
    YTD: El Salvador widens 102bp
    YTD: Venezuela tightens 203bp
    YTD: Dominican Republic tightens 44bp
    
    PIPELINE
    Compania Latinoamericana de Infraestructura y Servicios (CLISA) will start
roadshows next week to market a tap of its 9.5% 2023s through BCP Securities and
Santander.
    The Argentine infrastructure firm will be in Buenos Aires on January 31, in
New York on February 1 and 2 and in Boston on February 3.  The company issued
US$200m of the notes in July last year, pricing them at 98.753 to yield 9.75%.
BCP Securities and Santander also acted as leads on that occasion. Ratings are
B-/B-. 
    
    Banco Supervielle, the fifth largest Argentine domestically-owned private
bank in terms of assets, has mandated Credit Suisse and Santander to arrange a
series of fixed income investor meetings in the US and Europe starting on
January  30th. 
    The borrower will be in Boston on January 30, in London on January 31 and in
New York on February 1.
    An ARS-denominated (USD-payable) 144A/Reg S senior notes offering with
3.25-year average life, expected to be rated B3 by Moody's and B by Fitch, may
follow, subject to market conditions.
    
    Argentina's Province of Entre Rios has revived its US dollar bond sale and
will market the trade to investors in New York on Monday and Tuesday, a source
told IFR.
    The borrower met investors late last year through Citigroup, HSBC and
Santander, visiting London, Boston and New York. However, a bond deal never
emerged. The same banks are taking it on the road next week. Expected ratings
are B-/B by S&P and Fitch.
    
    Brazilian railroad operator Rumo will start fixed-income investor meetings
next week to market a possible US dollar bond. The borrower will be in New York,
London and Los Angeles on January 30 and 31, and in Switzerland and Boston on
February 1. Meetings will end in the New York area on February 2. Rumo, a
subsidiary of Cosan, has mandated BB Securities, Bradesco, BTG Pactual, Itau,
Morgan Stanley and Santander on the deal. Expected ratings are BB-/BB-.
    
    Sigma Alimentos, a multinational food company with market positions in
Europe, the US and Latin America, and sole-owner of Campofrio Food Group, has
hired BNP Paribas and JP Morgan as active joint bookrunners and MUFG and
Rabobank as Passive Joint Bookrunners to arrange a series of fixed income
investor meetings in Europe, commencing on January 30th, 2017. A debut
euro-denominated seven-year fixed-rate benchmark offering, expected to be rated
Baa3 by Moody's, BBB by S&P and BBB by Fitch, is expected to follow.
    
    Aeropuertos Argentina 2000 (AA2000), Argentina's largest airport
concessionaire, finished roadshows in Boston on Friday ahead of an expected a
senior secured US dollar bond sale.
    Expected ratings are B2/B- by Moody's and S&P. The 10-year deal, which has
an average life of 6.1 year, is expected to be US$300m in size, according to a
roadshow presentation.
    The bond will be backed by collection rights and receivables from passenger
user fees as well as the issuer's indemnification rights in the event the
concession is terminated, according to the presentation. Proceeds are being used
to redeem outstanding notes and finance capital expenditures.
    Oppenheimer and Morgan Stanley have been mandated as joint bookrunners.
    
    Brazilian power company Neoenergia is considering a possible US dollar bond
debut this year after sending out requests for proposals in late 2016, two
market sources told IFR.
    Neoenergia Group's principal shareholders are Banco do Brasil's pension fund
Previ, with a 49.01% stake, and Spain's Iberdrola with a 39% stake, according to
the company's website.
    
    Paraguay is considering raising up to US$550m in the bond market in March,
Reuters quoted Finance Minister Santiago Pena saying. 
    
    Inversiones Atlantida, the largest financial group in Honduras, has finished
roadshows to market a potential debut US dollar bond through Oppenheimer.
Expected ratings are B/B by S&P and Fitch.

 (Reporting by Mike Gambale and Paul Kilby; Editing by Shankar Ramakrishnan)

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