8 de noviembre de 2016 / 19:08 / hace 9 meses

LATAM CLOSE-No deals price in LatAm primary market

* Leniency deal for Odebrecht may be world's largest
    * Brazil's Temer sees return to growth taking time
    * BNDES wants to offload equity holdings faster, CEO says

    By Mike Gambale
    NEW YORK, Nov 8 (IFR) - No deals priced in the LatAm primary market on
Tuesday.
    
    Below is a snapshot of sovereign credit spreads across the region:   
     SOVEREIGN      11/7  11/4   11/3  1D   10D   YTD    2015/16 HIGH
 ARGENTINA          431    442   445   -11   7     -          -
 BARBADOS           616    620   617   -4    -8    12   659 (2/11/16)
 BRAZIL             288    302   300   -14   8    -198  542 (2/11/16)
 CHILE               79    88     85   -9    6     -7   143 (2/11/16)
 COLOMBIA           207    218   216   -11   5    -82   412 (2/11/16)
 COSTA RICA         398    402   400   -4    20   -119  587 (2/11/16)
 DOMINICAN REP      359    370   374   -11   13   -56   542 (2/11/16)
 ECUADOR            790    798   792   -8    36   -525  1765 (2/11/16)
 EL SALVADOR        475    480   479   -5   -10   -165  840 (2/11/16)
 GUATEMALA          252    261   252   -9    8    -50   385 (2/11/16)
 JAMAICA            371    378   374   -7    11   -78   519 (2/11/15)
 MEXICO             176    188   186   -12   8    -18   278 (2/11/16)
 PANAMA             155    161   160   -6    8    -51   272 (2/11/16)
 PERU               152    158   157   -6    10   -79   291 (2/10/16)
 TRINIDAD & TOBAGO  225    230   227   -5    6    127   173 (1/15/15)
 URUGUAY            215    221   218   -6    2    -53   344 (2/11/16)
 VENEZUELA          2390  2481   2497  -91  210   -402  3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS
    One-day change: All LatAm sovereigns tighter
    Ten-day trend: 15 of 17 sovereigns wider
    YTD: Chile tighter by 7bp
    YTD: El Salvador tighter by 165bp
    YTD: Peru tighter by 79bp
    
    PIPELINE
    Inversiones Atlantida, the largest financial group in Honduras, has started
roadshows 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 in 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 ahead of an up to
US$225m debut dollar bond with a tenor of between five and seven years.
    The issuer was in Switzerland on Tuesday and will wrap up meeting in Boston
on Wednesday. 
    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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