Chile

Latin American bond bankers believe primary market activity will pick up next week after a volatile week led some banks to postpone previously scheduled mandate announcements.

Latin America’s best rated sovereign, Chile, will begin investor meetings on Thursday as it plots its third Euroclearable local currency deal.

Latin American bond buyers finally had some proper supply to soak up demand after two weeks without the kind of paper that tends to attract EM investors.

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Two companies could bring some life to Latin American bond markets on Thursday amid a quiet period for new issues despite apparently supportive conditions.

Chilean firm Moneda Asset Management, one of the most important investment houses in Latin America, has appointed its head of institutional clients as CEO after Antonio Gil Neivas resigned to join Stanford University’s executive programme.

Chilean pulp and paper company Celulosa Arauco y Constitución is likely to perk up the Latin American bond markets this week as it weighs up the sale of new bonds to finance a tender offer.

AES Gener’s junior subordinated hybrid exercised the brains of both syndicate bankers and investors on Monday as they struggled to find appropriate comps. But a hefty book and impressive aftermarket performance left no doubt over appetite for LatAm paper.

Lat Am bond bankers and investors may not have found an answer to Monday’s hot topic of the subordination premium on AES Gener’s junior subordinated hybrid, but the issuer left no doubts about the market’s appetite for paper with a highly oversubscribed trade.

Chilean power generation company AES Gener is looking to take advantage of favourable market conditions and cut its funding costs by issuing a new subordinated note to refinance a similar instrument.

Chilean copper miner Codelco looks unlikely to be able to repurchase the $1.907bn of bonds that it was hoping to cancel via a tender offer after investors holding just over half of that amount agreed to sell their paper after the early-bird period expired.

Latam Airlines returned to the bond market for the first time in almost two years, printing $600m of seven year paper.