16 de noviembre de 2016 / 18:53 / en 9 meses

LATAM CLOSE-No deals price in LatAm primary market

* Cabei mandates for Kangaroo bond
    * Brazil's Cemig to raise stake in power distributer Light
    * Brazil FinMin sees high probability of reform passage
    * LatAm currencies seesaw on Trump policy uncertainty

    By Mike Gambale
    NEW YORK, Nov 16 (IFR) - No deals priced in the LatAm primary market on
Wednesday.
    
    Below is a snapshot of sovereign credit spreads across the region:    
     SOVEREIGN      11/15  11/14  11/10  1D   10D   YTD    2015/16 HIGH
 ARGENTINA           476    499    452   -23   30    -          -
 BARBADOS            596    597    587   -1   -22    -8   659 (2/11/16)
 BRAZIL              301    325    309   -24   7    -185  542 (2/11/16)
 CHILE               81     85     75    -4    0     -5   143 (2/11/16)
 COLOMBIA            223    239    230   -16   1    -66   412 (2/11/16)
 COSTA RICA          416    440    411   -24   15   -101  587 (2/11/16)
 DOMINICAN REP       408    449    409   -41   24    -7   542 (2/11/16)
 ECUADOR             849    880    795   -31   79   -466  1765 (2/11/16)
 EL SALVADOR         551    565    491   -14   72   -89   840 (2/11/16)
 GUATEMALA           278    267    256   11    25   -24   385 (2/11/16)
 JAMAICA             380    391    380   -11   5    -69   519 (2/11/15)
 MEXICO              206    226    210   -20   14    12   278 (2/11/16)
 PANAMA              164    173    156   -9    2    -42   272 (2/11/16)
 PERU                159    174    165   -15   4    -72   291 (2/10/16)
 TRINIDAD & TOBAGO   224    230    225   -6    -5   126   173 (1/15/15)
 URUGUAY             224    234    219   -10   3    -44   344 (2/11/16)
 VENEZUELA          2420   2453   2307   -33   11   -372  3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS:
    One-day change 16 out of 17 sovereigns tighter
    Ten-day trend 14 out of 17 sovereigns flat to wider
    YTD: Chile tighter by 5bp
    YTD: El Salvador tighter by 89bp
    YTD: Peru tighter by 72bp
    
    PIPELINE:
    Central American Bank for Economic Integration (Cabei), rated A1/A/A, has
mandated Daiwa and Deutsche Bank for a debut A$50m (US$38m) 10-year Kangaroo
bond being marketed at asset swaps plus 180bp. 
    
    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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