January 4, 2017 / 9:38 PM / in a year

LATAM CLOSE-No deals price in LatAm primary market

* Paraguay eyes March bond issue
    * Honduras names banks for roadshow
    * Argentina's Genneia to market US dollar issue
    * Brazil's Fibria preps Green bond

    By Mike Gambale
    NEW YORK, Jan 4 (IFR) - No deals priced in the LatAm primary market on
Wednesday.
    
    Below is a snapshot of sovereign credit spreads across the region.   
     SOVEREIGN      1/3   12/30  12/29  1D   10D   YTD    2015/16 HIGH
 ARGENTINA          448    426    428   22   -33    22         -
 BARBADOS           670    643    639   27    49    27   659 (2/11/16)
 BRAZIL             299    302    299   -3    0     -3   542 (2/11/16)
 CHILE               82    84     80    -2    6     -2   143 (2/11/16)
 COLOMBIA           200    199    199    1    3     1    412 (2/11/16)
 COSTA RICA         434    439    434   -5    1     -5   587 (2/11/16)
 DOMINICAN REP      393    395    392   -2    -5    -2   542 (2/11/16)
 ECUADOR            659    654    656    5   -20    5    1765 (2/11/16)
 EL SALVADOR        523    521    521    2    6     2    840 (2/11/16)
 GUATEMALA          262    262    260    0    0     0    385 (2/11/16)
 JAMAICA            362    363    359   -1    14    -1   519 (2/11/15)
 MEXICO             201    201    197    0    7     0    278 (2/11/16)
 PANAMA             179    181    178   -2    13    -2   272 (2/11/16)
 PERU               167    167    162    0    9     0    291 (2/10/16)
 TRINIDAD & TOBAGO  218    220    213   -2    6     -2   173 (1/15/15)
 URUGUAY            229    232    226   -3    5     -3   344 (2/11/16)
 VENEZUELA          2272  2294   2291   -22   22   -22   3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS
    One-day change mixed
    Ten-day trend: 14 of 17 sovereigns flat to wider
    YTD: Chile tighter by 2bp
    YTD: Guatemala flat
    YTD: Peru flat
        
    PIPELINE 
    The Republic of Honduras, rated B2/B+, has hired Bank of America Merrill
Lynch and Citigroup for a US dollar bond roadshow, a bank on the deal told IFR.
    The borrower will be in London on Thursday and Friday. Next week it will
visit investors in Los Angeles, Boston and New York, where it will end marketing
for the deal on January 11. 
        
    Argentina power company Genneia will start roadshows this week to market a
US dollar bond with an intermediate tenor through Bank of America Merrill Lynch,
Itau and JP Morgan.
    The company will be in London on Friday and will head the following week to
New York, Boston and Los Angeles, where it will end investor meetings on January
11. Ratings are expected to be B3/B+ by Moody's and Fitch
    
    Brazilian pulp and paper company Fibria Celulose will kick off roadshows
this week to market an SEC registered senior unsecured 2027 US dollar
denominated Green bond.
    The borrower will be in Los Angeles on Friday, and next week will head to
New York and London on Monday and New York and Boston on Tuesday. BNP Paribas,
Bank of America Merrill Lynch, Citigroup, HSBC and JP Morgan have been mandated
to arrange the investor meetings. Ratings are BBB-/BBB- (negative/stable) by S&P
and Fitch.
    
    Argentina's Finance Minister Luis Caputo said last month that the
administration was considering tapping the debt markets in January, according to
Reuters. The country needs US$22bn of debt financing this year, plus an
additional US$21bn for refinancing needs, he said.
    
    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 Paul Kilby)

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