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LATAM CLOSE-No deals price in LatAm primary market

* 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
Thursday.
    
    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
    
    SPREAD TRENDS:
    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
    
    PIPELINE:
    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
joint bookrunners.
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
roadshows. 

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
Santander. 
    
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)

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