December 9, 2016 / 7:19 PM / 8 months ago

LATAM CLOSE-LatAm primary finishes week with US$6.25bn sold

* Pemex 2022s trading 338/330 (pxd T+366.4bp)
    * Pemex 2027s trading 397/394 (pxd T+423.3bp)
    * Mexico Cenbank seen tracking Fed, raising rates to 5.5% next week

    By Mike Gambale
    NEW YORK, Dec 9 (IFR) - No deals priced in the LatAm primary market on
Friday.
    
    VOLUME STATISTICS FOR US DOLLAR MARKET    
    THIS WEEK'S US$ VOLUME:
    4 tranches for US$6.25bn
    
    DECEMBER VOLUME:
    4 tranches for US$6.25bn
    
    YTD VOLUME:
    109 tranches for US$102.281bn 
    
    Below is a snapshot of sovereign credit spreads across the region:
     SOVEREIGN       12/8  12/7  12/6  1D   10D   YTD    2015/16 HIGH
 ARGENTINA           464   462   472    2    -7    -          -
 BARBADOS            610   616   596   -6    -6    6    659 (2/11/16)
 BRAZIL              307   309   312   -2    -3   -179  542 (2/11/16)
 CHILE                76    79    79   -3    -2   -10   143 (2/11/16)
 COLOMBIA            210   211   210   -1   -24   -79   412 (2/11/16)
 COSTA RICA          425   435   446   -10   -3   -92   587 (2/11/16)
 DOMINICAN REP       394   398   406   -4    1    -21   542 (2/11/16)
 ECUADOR             712   708   727    4   -47   -603  1765 (2/11/16)
 EL SALVADOR         547   546   572    1   -33   -93   840 (2/11/16)
 GUATEMALA           293   302   306   -9    1     -9   385 (2/11/16)
 JAMAICA             364   369   373   -5   -27   -85   519 (2/11/15)
 MEXICO              201   201   204    0   -20    7    278 (2/11/16)
 PANAMA              168   167   168    1   -12   -38   272 (2/11/16)
 PERU                158   159   162   -1   -11   -73   291 (2/10/16)
 TRINIDAD & TOBAGO   227   232   238   -5   -13   129   173 (1/15/15)
 URUGUAY             231   237   239   -6    -7   -37   344 (2/11/16)
 VENEZUELA           2284  2282  2324   2   -123  -508  3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS
    One-day change 11 out of 17 sovereigns tighter
    Ten-day trend 15 out of 17 sovereigns tighter
    YTD: Dominican Republic tighter by 21bp
    YTD: Mexico wider by 7bp
    YTD: Venezuela tighter by 508bp
    
    PIPELINE
    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 Shankar Ramakrishnan)

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