Argentina

Bond bankers covering Latin America expect the pipeline to continue to grow even after the region’s year-to-date new issue volumes overtook 2015’s full-year total with almost six months still to run.

Argentine lender Banco de Galicia y Buenos Aires will begin meeting investors next week ahead of a proposed Basel III compliant tier two bond issue that would be the first of its kind from the country.

Argentine pulp and paper company Celulosa Argentina is getting ready to meet international bond investors ahead of a second attempt to issue cross-border debt, according to a pricing supplement filed on Monday.

Argentine infrastructure company Compañía Latinoamericana de Infraestructura & Servicios (Clisa) is meeting fixed income investors ahead of a liability management exercise that highlights the stark improvement in the outlook for Argentine companies this year.

Latin American issuers were flying as high as a Leo Messi penalty this week as the Argentine sovereign capped off a remarkable two days of new issue activity for the region with a $2.75bn dual-tranche bond on Thursday, reaffirming the belief that Lat Am would see little or no effect from the Brexit vote.

Latin American borrowers rushed to new issue markets en masse on Wednesday to confirm the thesis that Brexit would have little or no effect on the region, with four issuers pricing bonds and several more likely to do so imminently.

The Republic of Argentina on Thursday made an unexpected second visit to bond markets this year to raise $2.75bn, but some investors said that anyone surprised that the sovereign had issued more debt should be comforted by the use of proceeds.

Argentine corporate Arcor sold what some bankers described as the star deal of the day on a busy Wednesday in the Lat Am new issue market. Both the confectionary company and fellow Argentine borrower Salta raised $350m of seven year money.

Argentina’s confectionary maker Arcor is tomorrow meeting investors in the US and London to market a $300m offering, the only active high yield deal that European investors can consider in the week after the UK's Brexit vote.

Several Latin American borrowers are lining up bond roadshows, undeterred by the UK’s vote to stay or leave the European Union, to add to the six names already in the visible pipeline.

Argentine confectionary group Arcor is looking to buy back all its existing dollar bonds ahead of a return to international capital markets scheduled for shortly after the Brexit referendum.

Emerging market credit has ridden the uncertainties of the UK’s European referendum this week and made considerable gains on Monday and Tuesday as support for Remain edged ahead in polls.