Colombia

Colombia’s highest rated issuer, Empresas Públicas de Medellín (EPM), is in danger of a downgrade after troubles in the construction of its planned Ituango hydroelectric plant, the largest infrastructure project in the country.

Bond investors said Colombian financial holding company Gilex’s debut bond had been worth the wait as the owner of GNB Sudameris bank raised $300m on Wednesday and then saw the notes trade up on Thursday.

Colombian financial holding company Gilex raised $300m of five year non-call three year bonds on Wednesday after enhancing the deal structure to appease investors.

Colombian financial holding company Gilex will look to price an inaugural international bond on Wednesday after setting guidance on Tuesday, more than a month after meeting investors.

Crédit Agricole is opening representative offices in Colombia and Chile, the lender said on Monday, as its looks to improve strengthen client relationships in the countries.

Carlos Vargas, most recently a managing director in Mizhuo’s Latin American debt capital markets team, has joined Oppenheimer & Co also as a managing director covering Lat Am DCM, GlobalCapital understands.

Seven Latin American companies announced borrowing plans this week, looking to issue before fourth quarter numbers go stale even as market conditions are far from ideal.

Transportadora de Gas Internacional (TGI), the Colombian natural gas transportation company, has mandated banks ahead of a proposed $750m senior unsecured issue aimed at refinancing existing bonds.

Colombia’s bonds have hardly moved in secondaries since Moody’s placed its Baa2 rating on negative outlook last week, although the sovereign’s debt had already widened heavily over the last few weeks.

Canada-listed oil and gas company Gran Tierra Energy, which has the majority of its operations in Colombia, is planning a debut 144A/Reg S bond offering which will come due in 2025, the company said.

Carlos Vargas, managing director in Latin American DCM at Mizuho Securities USA, has left the bank, GlobalCapital understands.

Rutas al Mar, the toll road being built between Colombia’s Antioquia and Bolivar states, became the third concessionaire in the country’s 4G infrastructure project to issue bonds last week.