3 de noviembre de 2016 / 19:57 / en 10 meses

LATAM CLOSE-No deals price in LatAm primary market

* Honduran financial group starts roadshow to market dollar bond
    * Mexico preps contingency plan for US election - Carstens
    * EM to see fourth year of net capital outflows in 2017 - IIF
    * Mexico's Pemex sees drop in oil output, primary surplus in 2017

    By John Balassi
    NEW YORK, Nov 3 (IFR) - No deals priced in the LatAm primary market on
Thursday.

    Below is a snapshot of LatAm sovereign credit spreads:
      SOVEREIGN       11/2    11/1   10/31    1D   10D   YTD    2015/16 HIGH
 ARGENTINA             454    446     435     8     22    -          -
 BARBADOS              620    618     617     2     -5    16   659 (2/11/16)
 BRAZIL                298    294     286     4     19   -188  542 (2/11/16)
 CHILE                 83      81      72     2     10    -3   143 (2/11/16)
 COLOMBIA              222    222     212     0     23   -67   412 (2/11/16)
 COSTA RICA            402    401     393     1     25   -115  587 (2/11/16)
 DOMINICAN REP         381    384     380     -3    28   -34   542 (2/11/16)
 ECUADOR               790    770     767     20    11   -525  1765 (2/11/16)
 EL SALVADOR           480    479     479     1    -17   -160  840 (2/11/16)
 GUATEMALA             252    253     244     -1    7    -50   385 (2/11/16)
 JAMAICA               378    375     373     3     8    -71   519 (2/11/15)
 MEXICO                190    192     183     -2    25    -4   278 (2/11/16)
 PANAMA                162    162     153     0     18   -44   272 (2/11/16)
 PERU                  161    155     148     6     24   -70   291 (2/10/16)
 TRINIDAD & TOBAGO     228    229     222     -1    11   130   173 (1/15/15)
 URUGUAY               222    221     214     1     10   -46   344 (2/11/16)
 VENEZUELA            2465    2409    2453    56   178   -327  3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index

    SPREAD TRENDS   
    One-day change 4 out 17 tighter
    Ten-day trend, 2 out of 17 sovereigns tighter
    YTD: Brazil tighter by 188bp
    YTD: Panama tighter by 44bp
    
    PIPELINE
    Inversiones Atlantida, the largest financial group in Honduras, started
roadshows on Thursday to market a potential debut US dollar bond through
Oppenheimer. 
    The borrower will be in 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 will organize 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 Los Angeles on Thursday, and will head to 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 John Balassi; Editing by Paul Kilby)

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