Cut 16 slices bread into 2 1/2- inch rounds; set aside. Cut remaining slices with a 2 1/2-inch doughnut cutter; discard centers, and set "doughnuts" aside.
Combine cream cheese, pecans, and honey, beating well. Spread mixture on bread rounds; top with "doughnuts" to form a sandwich. Spoon a small amount of mint jelly into center of 8 sandwiches; spoon guava jelly into center of remaining sandwiches.