* Argentina to join flagship EM bond index * Pampa Energia to market US dollar bond * BAML stays overweight Argentina despite expected bond supply By Mike Gambale NEW YORK, Jan 6 (IFR) - No deals priced in the LatAm primary market on Friday.
Below is a snapshot of sovereign credit spreads across the region.
SOVEREIGN 1/5 1/4 1/3 1D 10D YTD 2015/16 HIGH ARGENTINA 447 452 448 -5 -14 21 - BARBADOS 679 671 670 8 58 36 659 (2/11/16) BRAZIL 278 285 299 -7 -17 -24 542 (2/11/16) CHILE 86 83 82 3 12 2 143 (2/11/16) COLOMBIA 192 195 200 -3 -1 -7 412 (2/11/16) COSTA RICA 421 426 434 -5 -9 -18 587 (2/11/16) DOMINICAN REP 374 387 393 -13 -18 -21 542 (2/11/16) ECUADOR 644 642 659 2 -30 -10 1765 (2/11/16) EL SALVADOR 527 522 523 5 12 6 840 (2/11/16) GUATEMALA 263 257 262 6 6 1 385 (2/11/16) JAMAICA 361 356 362 5 11 -2 519 (2/11/15) MEXICO 209 207 201 2 19 8 278 (2/11/16) PANAMA 176 175 179 1 6 -5 272 (2/11/16) PERU 162 161 167 1 5 -5 291 (2/10/16) TRINIDAD & TOBAGO 217 213 218 4 7 -3 173 (1/15/15) URUGUAY 229 226 229 3 7 -3 344 (2/11/16) VENEZUELA 2231 2243 2272 -12 -34 -63 3713 (2/12/16) Source: Bank of America Merrill Lynch Master Index SPREAD TRENDS One-day: 11 of 17 sovereigns wider Ten-day: 10 of 17 sovereigns wider YTD: Brazil tightens 24bp YTD: Dominican Republic tightens 21bp YTD: Barbados widens 36bp PIPELINE Metro de Santiago will start roadshows to market a possible 30-year issue through Bank of America Merrill Lynch and JP Morgan.
The borrower will be in Los Angeles on January 9, London on January 11, in New York on January 12 and 13 and Boston on January 17. Investors calls will also be held on January 16. Expected ratings are A+/A by S&P and Fitch. The new 30 year may carry an optional redemption before maturity.
Argentine energy company Pampa Energia will kick off roadshows next week as it looks to market a new US dollar bond.
The borrower will be in Boston on January 10, in New York on January 11 and 12, in Los Angeles on January 13 and in London on January 16. The company is looking to raise up to US$500m size and considering tenors of five, seven or 10 years.
Expected ratings are B3/B-/B+. Citigroup and Deutsche Bank are acting as joint bookrunners, with Credit Agricole and Santander acting as co-managers.
Aeropuertos Dominicanos Siglo XXI (Aerodom), an airport operator in the Dominican Republic, will start roadshows next week to market a new US dollar bond that will fund a tender and consent solicitation for outstanding debt.
The borrower will be in London and Los Angeles on January 9, Boston on January 10 and New York on January 11. JP Morgan and Scotiabank have been mandated as joint bookrunners to arrange meetings. Expected ratings are BB-/Ba3 by S&P and Moody's.
Proceeds will go to fund a tender and consent solicitation for Aerodom's 9.25% senior secured notes due 2019 and for general corporate purposes.
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.
Brazilian bioenergy company Raizen will start fixed-income investor meeting next week to market a possible US dollar bond. The borrower will visit accounts in London, New York and Boston between January 9 and 11.
Expected ratings are BBB-/BBB by S&P and Fitch. Bank of America Merrill Lynch, Bradesco, Citigroup, JP Morgan and Santander have been mandate to coordinate roadshows.
The Republic of Honduras, rated B2/B+, has hired Bank of America Merrill Lynch and Citigroup for a US dollar bond roadshow, a bank on the deal told IFR.
Next week, the borrower will visit investors in Los Angeles, Boston and New York, where it will end marketing for the deal on January 11.
Argentina power company Genneia will start roadshows this week to market a US dollar bond with an intermediate tenor through Bank of America Merrill Lynch, Itau and JP Morgan.
Next week, the company will be in New York, Boston and Los Angeles, where it will end investor meetings on January 11. Ratings are expected to be B3/B+ by Moody's and Fitch.
Brazilian pulp and paper company Fibria Celulose will kick off roadshows this week to market an SEC registered senior unsecured 2027 US dollar denominated Green bond.
The borrower will be in New York and London on Monday and New York and Boston on Tuesday. BNP Paribas, Bank of America Merrill Lynch, Citigroup, HSBC and JP Morgan have been mandated to arrange the investor meetings. Ratings are BBB-/BBB- (negative/stable) by S&P and Fitch.
Argentina's Finance Minister Luis Caputo said last month that the administration was considering tapping the debt markets in January, according to Reuters. Local press have been reporting that the sovereign is looking at an up to US$10bn deal. The country needs US$22bn of debt financing this year, plus an additional US$21bn for refinancing needs, Caputo said.
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.
Argentina's Province of Entre Rios has finished roadshows ahead of a possible US dollar bond. Citigroup, HSBC and Santander organized investor meetings. Expected ratings are B-/B by S&P and Fitch.
Colombian glass company Tecnoglass has wrapped up investor meetings ahead of an up to US$225m debut dollar bond with a tenor of between five and seven years.
Expected ratings are Ba3/BB- by Moody's and Fitch. Bank of America Merrill Lynch and Morgan Stanley have been mandated as joint bookrunners.
(Reporting by Mike Gambale; Editing by Paul Kilby and Marc Carnegie)