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LATAM CLOSE-No deals price in LatAm primary market

* Exotix puts buy recommendation on Samarco bonds
    * PDVSA bonds recover losses after payment delays
    * Default risks rise as Light SA's finances deteriorate - regulator

    By Mike Gambale
    NEW YORK, Nov 22 (IFR) - No deals priced in the LatAm primary market on
Tuesday.
    
    Below is a snapshot of sovereign credit spreads across the region:
     SOVEREIGN      11/21  11/18  11/17  1D   10D   YTD    2015/16 HIGH
 ARGENTINA           470    472    471   -2    39    -          -
 BARBADOS            605    605    609    0   -11    1    659 (2/11/16)
 BRAZIL              307    307    304    0    19   -179  542 (2/11/16)
 CHILE               78     78     77     0    -1    -8   143 (2/11/16)
 COLOMBIA            236    241    233   -5    29   -53   412 (2/11/16)
 COSTA RICA          421    415    421    6    23   -96   587 (2/11/16)
 DOMINICAN REP       382    382    392    0    23   -33   542 (2/11/16)
 ECUADOR             768    777    778   -9   -22   -547  1765 (2/11/16)
 EL SALVADOR         556    543    552   13    81   -84   840 (2/11/16)
 GUATEMALA           289    285    285    4    37   -13   385 (2/11/16)
 JAMAICA             386    381    381    5    15   -63   519 (2/11/15)
 MEXICO              220    223    210   -3    44    26   278 (2/11/16)
 PANAMA              177    181    175   -4    22   -29   272 (2/11/16)
 PERU                162    168    163   -6    10   -69   291 (2/10/16)
 TRINIDAD & TOBAGO   240    227    231   13    15   142   173 (1/15/15)
 URUGUAY             237    236    232    1    22   -31   344 (2/11/16)
 VENEZUELA          2380   2370   2362   10   -10   -412  3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index

    SPREAD TRENDS:
    One-day change mixed; 11 out of 17 sovereigns flat to wider
    Ten-day trend 13 out of 17 sovereigns wider
    YTD: Colombia tighter by 53bp
    YTD: Guatemala tighter by 13bp
    YTD: Trinidad & Tobago wider by 142bp 
    
    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; Editing by Paul Kilby)

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