Chile

Nearly 95% of holders of Latin America oil and gas company GeoPark’s $300m of bonds due 2020 agreed to sell their paper as part of tender offer, the issuer said on Thursday evening.

Mexican cement company Cemex and Chilean electricity name Colbún both launched tender offers of existing bonds this week, planning to buy back old notes with cash.

Latin American oil and gas company GeoPark sold $425m of seven year non-call four notes last week, with the first leg of a concurrent tender offer due to expire on Tuesday.

A hefty back-up in US Treasuries did not stop Chilean oil company Enap clinching its longest ever bond issue on Monday, offering what bankers off the deal saw as a single digit new issue premium.

At least eight Latin American corporates are meeting fixed income investors ahead of potential dollar trades next week, with Brazilian credits in particular apparently keen to make up for lost time.

Chilean oil and gas company GeoPark will look to sell new 144A/Reg S bonds to fund the buy-back of all its $300m 7.5% notes due in 2020.

Empresa Nacional del Petróleo (Enap), the state-owned Chilean oil company, is looking to issue its first bond in a year shortly after escaping negative rating actions despite several downgrades to the sovereign’s rating.

Rodrigo Valdés, who was finance minister of Chile since May 2015, has resigned from his post over policy differences with the government.

Chilean copper miner Codelco completed the second leg of its tender offer on Tuesday, bringing the total amount of debt that it has repurchased using proceeds from last month’s new issue to $2.357bn.

Chilean life insurance company Confuturo this week announced its adoption of Bloomberg’s multi-asset risk system (MARS) collateral management tools, in an effort to manage the demands of new global margin rules.

Investor interest in the second leg of Chilean copper miner Codelco’s tender offer has been strong, with almost $1bn of bonds tendered by the early bird deadline.

Codelco, the Chilean copper miner that raised $2.75bn of debt last week to fund a tender offer of several bonds, will buy back just over half of its 2019s, 2020s and 2021s after wrapping up the so-called “any and all” leg of the tender offer.