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LATAM CLOSE-No deals price in LatAm primary market
December 19, 2016 / 7:18 PM / a year ago

LATAM CLOSE-No deals price in LatAm primary market

* LatAm markets seesaw in thin trading
    * EM debt trading volumes jump 21% year on year: EMTA
    * Venezuelan economy to grow 1.7% in 2017: Torino Capital

    By Mike Gambale
    NEW YORK, Dec 19 (IFR) - No deals priced in the LatAm primary market on
Monday.
    
    Below is a snapshot of sovereign credit spreads across the region.
     SOVEREIGN      12/16  12/15  12/14  1D   10D   YTD    2015/16 HIGH
 ARGENTINA           480    490    482   -10  -20    -          -
 BARBADOS            597    600    602   -3    0     -7   659 (2/11/16)
 BRAZIL              302    304    293   -2   -13   -184  542 (2/11/16)
 CHILE               69     69     67     0   -10   -17   143 (2/11/16)
 COLOMBIA            195    198    194   -3   -25   -94   412 (2/11/16)
 COSTA RICA          430    431    425   -1   -23   -87   587 (2/11/16)
 DOMINICAN REP       394    394    381    0   -17   -21   542 (2/11/16)
 ECUADOR             673    680    673   -7   -58   -642  1765 (2/11/16)
 EL SALVADOR         514    520    510   -6   -61   -126  840 (2/11/16)
 GUATEMALA           259    261    260   -2   -60   -43   385 (2/11/16)
 JAMAICA             344    346    347   -2   -41   -105  519 (2/11/15)
 MEXICO              191    192    192   -1   -19    -3   278 (2/11/16)
 PANAMA              163    166    161   -3   -11   -43   272 (2/11/16)
 PERU                156    157    152   -1   -11   -75   291 (2/10/16)
 TRINIDAD & TOBAGO   207    210    210   -3   -36   109   173 (1/15/15)
 URUGUAY             224    227    223   -3   -16   -44   344 (2/11/16)
 VENEZUELA          2231   2261   2226   -30  -101  -561  3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
           
    SPREAD TRENDS:
    One-day change all sovereigns flat to tighter
    Ten-day trend all sovereigns tighter except Barbados flat
    YTD: Brazil tighter by 184bp
    YTD: El Salvador tighter by 126bp
    YTD: Panama tighter by 43bp
    
    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)

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