24 de octubre de 2016 / 19:42 / en 10 meses

LATAM CLOSE-No deals price in LatAm primary market

* PDVSA wins breathing room with US$2.8bn bond swap
    * Argentina's CGC starts roadshows
    * Banco Macro hires banks for potential Tier 2 bond

    By Mike Gambale
    NEW YORK, Oct 24 (IFR) - No deals priced in the LatAm primary market on
Monday.
    
    Below is a snapshot of LatAm sovereign credit spreads:
     SOVEREIGN       10/21   10/20  10/19  1D   10D   YTD    2015/16 HIGH
 ARGENTINA            419     432    435   -13  -18    -           -
 BARBADOS             625     625    627    0    -7    21    659 (2/11/16)
 BRAZIL               280     279    283    1   -12   -206   542 (2/11/16)
 CHILE                 73     73     71     0    9    -13    143 (2/11/16)
 COLOMBIA             200     199    204    1    -9   -89    412 (2/11/16)
 COSTA RICA           376     377    381   -1   -11   -141   587 (2/11/16)
 DOMINICAN REP        346     353    357   -7    -7   -69    542 (2/11/16)
 ECUADOR              767     779    777   -12  -70   -548  1765 (2/11/16)
 EL SALVADOR          499     497    503    2   -16   -141   840 (2/11/16)
 GUATEMALA            245     245    244    0    1    -57    385 (2/11/16)
 JAMAICA              355     370    370   -15  -25   -94    519 (2/11/15)
 MEXICO               166     165    165    1    0    -28    278 (2/11/16)
 PANAMA               146     144    146    2    1    -60    272 (2/11/16)
 PERU                 137     137    138    0    0    -94    291 (2/10/16)
 TRINIDAD & TOBAGO    218     217    218    1    8    120    173 (1/15/15)
 URUGUAY              214     212    214    2    0    -54    344 (2/11/16)
 VENEZUELA            2300   2287   2467   13   197   -492  3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS
    One-day change mixed
    Ten-day trend 9 out of 17 sovereigns tighter
    YTD: Barbados wider by 21bp
    YTD: Dominican Republic tighter by 69bp
    YTD: Mexico tighter by 28bp
        
    PIPELINE:
    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.
    The company was in Switzerland on Monday and will head to London on Tuesday,
New York on Wednesday, Boston on Thursday and in New York again on Friday.
Expected ratings are B-/B by S&P and Fitch.
    
    Argentina's Banco Macro (B3/-/B) has mandated Goldman Sachs and UBS as joint
bookrunners, and Macro Securities as local placement agent, for fixed income
investor meetings commencing October 25.
    An up to US$400m 144A/Reg S Basel 3 compliant T2 ten-year non call five
issuance, rated Caa1 by Moody's and B- by Fitch may follow, subject to market
conditions. 
    Roadshow schedule will be as follows: Tuesday, October 25th: London,
Wednesday October 26th: New York, Thursday October 27th: Boston, Friday October
28th: Los Angeles, Monday October 31st: New York.
    
    Trinidad Generation Unlimited (TGU) continues roadshows this week to market
a potential benchmark US dollar bond.
    The borrower was in London on Monday and will head to Boston on October 25
and New York on October 26. Expected ratings for the 144A/RegS senior unsecured
note are BBB/BBB-. TGU is the largest energy supplier in Trinidad & Tobago
    
    The Argentine Province of Santa Fe wrapped up roadshows in Boston on Monday
ahead of a potential US$250m bond sale. A 144A/Reg S issue is expected to
follow. JP Morgan is the global coordinator on the potential sale, joined by
Citigroup and HSBC as bookrunners.
    
    LATAM Airlines Group S.A. ("LATAM", NYSE: LFL), a Chile-based airline group,
has finished 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 Mike Gambale; Editing by Paul Kilby and Marc Carnegie)

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