LATAM CLOSE-LatAm weekly supply hits US$6.608bn equivalent
* Mexico's CFE picks banks to market new 10-year bond * Cemex launches tender for 7.25% 2021 * Pemex shops US$1.25bn revolving credit facility By Mike Gambale and Paul Kilby NEW YORK, Sept 30 (IFR) - No deals priced in the LatAm primary market on Friday.
VOLUME STATISTICS THIS WEEK'S (US$) VOLUME: 7 tranches for US$6.608bn equivalent Here is a snapshot of LatAm sovereign spreads: SOVEREIGN 9/29 9/28 9/27 1D 10D YTD 2015/16 HIGH ARGENTINA 432 422 433 10 -16 - - BARBADOS 651 650 652 1 10 47 659 (2/11/16) BRAZIL 290 286 295 4 -26 -196 542 (2/11/16) CHILE 78 77 80 1 0 -8 143 (2/11/16) COLOMBIA 199 197 208 2 -31 -90 412 (2/11/16) COSTA RICA 393 393 394 0 -2 -124 587 (2/11/16) DOMINICAN REP 340 341 341 -1 -26 -75 542 (2/11/16) ECUADOR 851 855 859 -4 -55 -464 1765 (2/11/16) EL SALVADOR 476 484 483 -8 -13 -164 840 (2/11/16) GUATEMALA 249 249 250 0 -1 -53 385 (2/11/16) JAMAICA 377 376 377 1 -2 -72 519 (2/11/15) MEXICO 186 178 186 8 1 -8 278 (2/11/16) PANAMA 154 153 162 1 -18 -52 272 (2/11/16) PERU 143 147 160 -4 -23 -88 291 (2/10/16) TRINIDAD & TOBAGO 229 228 229 1 20 131 173 (1/15/15) URUGUAY 222 219 222 3 1 -46 344 (2/11/16) VENEZUELA 2161 2248 2257 -87 -297 -631 3713 (2/12/16) Source: Bank of America Merrill Lynch Master Index SPREAD TRENDS: One-day change mixed Ten-day trend 12 out of 17 sovereigns tighter YTD: Brazil tighter by 196bp YTD: El Salvador tighter by 164bp YTD: Peru tighter by 88bp PIPELINE: Panama's Global Bank is readying fixed-income investor meetings for next week as it prepares to issue a possible senior unsecured note.
The issuer will be in London on October 3, in New York on October 4, in Boston on October 5 and Los Angeles on October 6. Ratings are Ba1/BBB-/BBB-.
The deal is being done in conjunction with a tender for its outstanding 2017 covered bonds. Citigroup, Deutsche Bank and JP Morgan have been mandated as leads, with UBS coming in as co-manager.
Mexican state-owned utility Comision Federal de Electricidad (CFE) will start roadshows next week to market a possible US dollar-denominated 10-year bond.
The borrower will be in London on October 4 and in New York and Boston on October 5. Ratings are Baa1/BBB+/BBB+. BBVA, Bank of America Merrill Lynch and Citigroup have been mandated to arrange the meetings.
Mexican development bank Nafin wrapped up roadshows Wednesday, as it looks to market a potential US dollar bond through Bank of America Merrill Lynch and HSBC. The issuer is rated A3/BBB+/BBB+.
The Republic of Argentina is planning a dual-tranche, benchmark sized euro denominated bond issue.
The sovereign has mandated BBVA, BNP Paribas and Credit Suisse to arrange a series of fixed income investors meetings that finished in Italy on Thursday. The issuer is rated B3/B-.
Bermuda has launched an up to US$150m tender for its outstanding 5.603% 2020 and 4.138 2023 notes. The liability management operation is subject to the successful issuance of new notes.
The borrower is offering a price of 114 on the 2020s and 108 on the 2023s if holders tender by the early participation deadline of October 7. Thereafter but before the expiration date of October 18, those prices drop to 110 and 105. HSBC is leading the transaction.
(Reporting by Mike Gambale and Paul Kilby; Editing by Shankar Ramakrishnan)
