* PDVSA bonds mostly down as market awaits swap details
* YPF opens books on bond debut in Swiss francs
* Mexico's Unifin preps new dollar bond
By Mike Gambale and Paul Kilby
NEW YORK, Sept 15 (IFR) - No deals priced in the LatAm primary market on
Here is a snapshot of LatAm sovereign spreads:
SOVEREIGN 9/14 9/13 9/12 1D 10D YTD 2015/16 HIGH
ARGENTINA 459 447 435 12 22 - -
BARBADOS 642 639 645 3 -24 38 659 (2/11/16)
BRAZIL 308 297 290 11 23 -178 542 (2/11/16)
CHILE 73 65 69 8 12 -13 143 (2/11/16)
COLOMBIA 223 211 206 12 14 -66 412 (2/11/16)
COSTA RICA 395 383 384 12 17 -122 587 (2/11/16)
DOMINICAN REP 357 351 348 6 14 -58 542 (2/11/16)
ECUADOR 903 892 888 11 25 -412 1765 (2/11/16)
EL SALVADOR 481 465 463 16 9 -159 840 (2/11/16)
GUATEMALA 252 241 242 11 18 -50 385 (2/11/16)
JAMAICA 380 377 380 3 -20 -69 519 (2/11/15)
MEXICO 179 166 163 13 18 -15 278 (2/11/16)
PANAMA 167 154 157 13 17 -39 272 (2/11/16)
PERU 159 150 154 9 5 -72 291 (2/10/16)
TRINIDAD & TOBAGO 210 202 205 8 -10 112 173 (1/15/15)
URUGUAY 215 207 209 8 4 -53 344 (2/11/16)
VENEZUELA 2431 2458 2485 -27 -115 -361 3713 (2/12/16)
Source: Bank of America Merrill Lynch Master Index
One-day change most sovereigns wider
Ten-day trend 13 out of 17 sovereigns wider
YTD: Colombia tighter by 66bp
YTD: El Salvador tighter by 159bp
YTD: Peru tighter by 72bp
Mexican financing and leasing company Unifin will start international
roadshows next week in an effort to market a new US dollar denominated bond.
The borrower will be in Switzerland and Los Angeles on September 19, in London
and Boston on September 20 and in New York on September 21. Expected ratings are
BB/BB by S&P and Fitch. Citigroup, Credit Suisse and UBS have been mandated as
The Republic of Peru will start roadshows in the US and Europe next week to
market a local currency bond sale to international investors.
Fixed-income investor meetings will take place between September 19 and 23,
stopping in New York, Los Angeles, Boston, London and Frankfurt. BBVA, Bank of
America Merrill Lynch and HSBC have been mandated to arrange the meetings.
Ratings are A3/BBB+/BBB+.
Ouro Verde Locacao e Servicio started roadshows this week to market a possible
US dollar 144A/RegS bond. The company was in London on Thursday and will head to
Switzerland on Friday. The following week it will meet investors in Los Angeles
on September 19, Boston on September 20 and New York on September 21.
The Brazilian company, rated BB-/BB-, leases heavy equipment, machinery and
fleets of light vehicles. Bradesco, Santander and Scotiabank are organizing
Mexico's Banco Inbursa has finished marketing a new US dollar 10-year senior
unsecured bond, which is expected to be rated BBB+/BBB+. Bank of America Merrill
Lynch, Citigroup and Credit Suisse have been mandated as leads.
Argentina's YPF (B3/NR/B) has opened books on a three-year debut Swiss franc
trade for a minimum size of CHF100m. IPTs have been set at 3.75%-4%. Leads CS
and UBS will close the books by Friday 16 Sept 3:30pm CET, with pricing for the
B3/NR/B rated Argentinean corporate expected this week.
JSL, a logistics services provider operating in Brazil, has wrapped up roadshows
on a possible 144A/Reg S senior unsecured US dollar bond. BB Securities,
Bradesco BBI, Morgan Stanley and Santander have been mandated on the deal.
Ratings are BB/BB by S&P and Fitch.
Bankers has started marketing a Green bond to help fund the construction and
operation of Mexico City's new international airport.
The bond, which is being issued through a special purpose trust, is expected to
be the first of up to US$6bn of such trades, allowing the borrower to create an
extensive curve over time. Bondholders will be paid through cash flows collected
from passenger charges from the current airport and the new Mexico City
International Airport (NAICM) that will start operations in 2020.
The issuer was in Boston on Thursday and will head to Los Angeles on Friday.
Roadshows will wrap up in New York on September 19. Citigroup, HSBC and JP
Morgan are acting as global coordinators, while BBVA and Santander are coming in
as joint bookrunners. Expected ratings are Baa1/BBB+/BBB+.
Brazil's BRF GmbH, a wholly owned subsidiary of BRF SA, (rated Ba1/BBB/BBB) has
finished roadshows organized by BB Securities, Bradesco, Itau, JP Morgan and
A US dollar-denominated 144A/Reg S senior unsecured bond issue with intermediate
to long maturity is expected to follow, subject to market conditions.
(Reporting by Mike Gambale)