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LATAM CLOSE-No deals price in LatAm primary market

* Fibria focuses on leverage caps as credit metrics weaken
    * Chile's Cencosud raises US$271m equivalent in local bond market
    * Brazilian states must do more to avoid fiscal crisis - economist

    By Mike Gambale
    NEW YORK, Nov 30 (IFR) - No deals priced in the LatAm primary market on
Wednesday.
    
    Below is a snapshot of sovereign credit spreads across the region:
     SOVEREIGN      11/29  11/28  11/25  1D   10D  YTD    2015/16 HIGH
 ARGENTINA           479    468    471   11    3    -          -
 BARBADOS            621    619    616    2   25    17   659 (2/11/16)
 BRAZIL              310    305    310    5    9   -176  542 (2/11/16)
 CHILE               83     79     78     4    2    -3   143 (2/11/16)
 COLOMBIA            232    231    234    1    9   -57   412 (2/11/16)
 COSTA RICA          439    433    428    6   23   -78   587 (2/11/16)
 DOMINICAN REP       403    399    393    4   -5   -12   542 (2/11/16)
 ECUADOR             770    755    759   15   -79  -545  1765 (2/11/16)
 EL SALVADOR         615    599    580   16   64   -25   840 (2/11/16)
 GUATEMALA           307    297    292   10   29    5    385 (2/11/16)
 JAMAICA             399    395    391    4   19   -50   519 (2/11/15)
 MEXICO              221    219    221    2   15    27   278 (2/11/16)
 PANAMA              183    180    180    3   19   -23   272 (2/11/16)
 PERU                169    167    169    2   10   -62   291 (2/10/16)
 TRINIDAD & TOBAGO   246    251    240   -5   22   148   173 (1/15/15)
 URUGUAY             240    239    238    1   16   -28   344 (2/11/16)
 VENEZUELA          2502   2433   2407   69   82   -290  3713 (2/12/16)
    Source: Bank of America Merrill Lynch Master Index
    
    SPREAD TRENDS
    One-day change 16 out of 17 sovereigns wider
    Ten-day trend 16 out of 17 sovereigns wider
    YTD: Costa Rica tighter by 78bp
    YTD: Jamaica tighter by 50bp
    YTD: Uruguay tighter by 28bp
    
    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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