Americas

Central Argentine province Córdoba sold $510m of 7.5 year bonds on Wednesday, using proceeds to refinance existing bonds and significantly lower its funding costs.

The Province of Quebec is set to follow its neighbour Ontario into green bond issuance, after hiring banks to run a roadshow for a potential deal in its home currency.

Central American sovereign Belize said on Monday that it had “deferred” payment of a $13m coupon payment due on its 2038 bonds on February 20 as it seeks to persuade bondholders to participate in a debt restructuring.

Argentine province Córdoba is set to continue the seemingly never ending run of sub-sovereign issuance from Latin America’s third largest economy as it sought seven year money on Wednesday.

The government El Salvador was able to raise $601m of 12 year bonds on Tuesday despite a recent deterioration in credit quality as investors said the sovereign’s yields were offering sufficient reward for the risk.

Companies were able to tighten pricing on euro deals this week, as investors said they expected the corporate market to keep shrugging off the political headline risks in Europe that have prompted widening in some government bonds.

Argentine credit card company Tarjeta Naranja will look to issue international bonds for the first time after approving a bond sale of up to $300m.

Argentine province La Rioja may have had to settle for a wider yield than some expected on its bond debut on Thursday, but a promising aftermarket performance provided some hope for the shrinking number of provinces yet to issue.

The syndicated loan market may again be asked to underwrite a potentially record-breaking takeover loan, as Kraft Heinz has begun a pursuit of Unilever, including a large cash offer.

Latin American trade bank Bladex is once again returning to the Asian loan market for a four year deal, marking its longest tenor borrowing from the region so far.

Mexican issuers have earned the confidence of investors through years of astute market relations.

Latin American new issue markets are in for a quiet period, said DCM bankers, though Argentina continues to throw up new borrowers.