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LATAM CLOSE-No deals price in LatAm primary market
November 7, 2016 / 7:36 PM / a year ago

LATAM CLOSE-No deals price in LatAm primary market

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    By Mike Gambale and Paul Kilby
    NEW YORK, Nov 7 (IFR) - No deals priced in the LatAm primary market on
Monday.
    
    Below is a snapshot of sovereign credit spreads across the region:    
     SOVEREIGN      11/4  11/3  11/2  1D   10D   YTD    2015/16 HIGH
 ARGENTINA          442   445   454   -3    26    -          -
 BARBADOS           620   617   620    3    -3    16   659 (2/11/16)
 BRAZIL             302   300   298    2    24   -184  542 (2/11/16)
 CHILE               88    85    83    3    17    2    143 (2/11/16)
 COLOMBIA           218   216   222    2    20   -71   412 (2/11/16)
 COSTA RICA         402   400   402    2    28   -115  587 (2/11/16)
 DOMINICAN REP      370   374   381   -4    31   -45   542 (2/11/16)
 ECUADOR            798   792   790    6    34   -517  1765 (2/11/16)
 EL SALVADOR        480   479   480    1   -11   -160  840 (2/11/16)
 GUATEMALA          261   252   252    9    17   -41   385 (2/11/16)
 JAMAICA            378   374   378    4    24   -71   519 (2/11/15)
 MEXICO             188   186   190    2    23    -6   278 (2/11/16)
 PANAMA             161   160   162    1    17   -45   272 (2/11/16)
 PERU               158   157   161    1    20   -73   291 (2/10/16)
 TRINIDAD & TOBAGO  230   227   228    3    14   132   173 (1/15/15)
 URUGUAY            221   218   222    3    10   -47   344 (2/11/16)
 VENEZUELA          2481  2497  2465  -16  302   -311  3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    One-day change: 14 of 17 sovereigns wider
    Ten-day trend: 15 of 17 sovereigns wider
    YTD: Chile wider by 2bp
    YTD: El Salvador tighter by 160bp
    YTD: Peru tighter by 73bp
    
    PIPELINE
    Inversiones Atlantida, the largest financial group in Honduras, started
roadshows this week to market a potential debut US dollar bond through
Oppenheimer. 
    The borrower is scheduled to be the United States between November 3 and 7,
and will head to Europe between November 8 and 11. 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 started roadshows this week ahead of an
up to US$225m debut dollar bond with a tenor of between five and seven years.
    The issuer was in Miami on Friday. The following week, it will be in London
on November 7, Switzerland on November 8 and Boston on November 9. 
    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, Paul Kilby and Davide Scigliuzzo; Editing by Marc
Carnegie)

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