Latin America - All Articles

  • Suriname to miss coupon payment, engage IMF amid liquidity squeeze

    Suriname’s new government said on Thursday that it would not make a coupon payment due next Monday on its $550m of 9.25% 2026s as it prepares for restructuring discussions. But with the Surinamese economy capable of generating high levels of hard currency, the focus could be on liquidity relief rather than principal haircuts.

    • 23 Oct 2020
  • Millicom, BRF find bid but Lat Am lull begins

    Two corporate deals on Monday and a tiny tap from a Paraguayan beef exporter on Wednesday were all investors had to choose from in Latin American primary bond markets this week as issuance remains light ahead of the US elections next month.

    • 22 Oct 2020
  • Petrobras continues debt reduction with $2bn buy-back

    Brazilian oil company Petrobras this week announced it will spend $1.95bn on repurchasing existing bonds via a tender offer, as the rapid pace of its reduction continues.

    • 22 Oct 2020
  • Neuquén creditors turn down improved restructuring offer

    A group of Neuquén’s bondholders swiftly rejected an improved debt restructuring offer this week, saying any reduction in interest payments on the Argentine province’s senior secured bonds cannot be justified.

    • 22 Oct 2020
  • Panama bonds head lower on third negative outlook

    Panama’s bonds traded lower on Wednesday, a day after Moody’s became the third agency to place the sovereign’s rating on negative outlook. Moody’s highlighted, however, that Panama’s broad bond market access remained a key credit strength.

    • 22 Oct 2020
  • Paraguayan protein company taps for $40m

    Frigorífico Concepción, the Paraguayan beef exporter, raised $40m in bond markets on Wednesday after a three-day sales process.

    • 22 Oct 2020
  • MMG gets $800m loan for Peru mine

    Minera Las Bambas (MLB), a subsidiary of Hong Kong-listed MMG, has raised an $800m loan from four Chinese banks.

    • 21 Oct 2020
  • Bolivia bonds slide on election but some see short-term benefits

    Bolivia’s dollar bonds traded lower for a second consecutive day on Tuesday as left-wing former finance minister Luis Arce looks set to assume the presidency. However, some argue that Arce is the best candidate for market stability, at least in the short term.

    • 21 Oct 2020
  • Petrobras wraps latest LM with $2bn buy-back

    Brazilian oil company Petrobras will continue the rapid reduction of its debt burden after completing a tender offer under which it will spend $1.95bn on repurchasing existing bonds.

    • 21 Oct 2020
  • Millicom tightens and trades up on huge book

    emerging market telecoms company Millicom International Cellular notched a bumper order book on Monday as it raised $500m to refinance a bond maturing in 2025. After a tough allocation process, the bond traded strongly in the grey market.

    • 20 Oct 2020
  • BRF leaves little on the table with long tap

    Brazilian foods company BRF increased the size of a tap of its recently issued 2050 bonds on Monday, issuing at exactly the same reoffer level as a month ago.

    • 20 Oct 2020
  • Paraguayan protein company lines up tap

    Frigorífico Concepción, the Paraguayan beef exporter, could return to bond markets this week with a tap of its 10.25% senior secured notes maturing in January 2025.

    • 19 Oct 2020
  • Mexico says budget not austere as IMF, investors say spend

    As even the IMF asks Mexico to spend more to prop up the economy during the Covid-19 crisis, deputy finance minister Gabriel Yorio denied accusations that the country’s forthcoming budget was austere. Despite concerns in the market about the lack of policy support for the economy, some investors see value in the country’s bonds.

    • 15 Oct 2020
  • Petrobras offers small tap with Lat Am supply to keep trickling through

    Latin America’s bond bankers said that the primary markets remain open, but investors will see limited new paper after Petrobras sold its smallest bond in several years this week.

    • 15 Oct 2020
  • Petrobras taps 2031s but set to buy back more

    Brazilian state-owned oil company Petrobras returned to bond markets on Tuesday as part of a debt reducing liability management exercise as the issuer continues to lower its bond outstandings.

    • 14 Oct 2020
  • Promigas pipes up with tap plans

    Colombian natural gas distributor Promigas could return to bond markets a year after its debut as it mandated banks for a reopening of its 2029s.

    • 14 Oct 2020
  • City of Córdoba still negotiating with creditors as NDA expires

    The Argentine City of Córdoba on Monday said it was still negotiating with a creditor group holding “a significant amount” of its $150m international bond, but that it had not been able to reach an agreement before non-disclosure agreements expired.

    • 13 Oct 2020
  • Argentine bank wraps swap but default looms

    Banco Hipotecario, the Argentine bank focussed on mortgage and consumer loans, will swap nearly 47% of its dollar bonds maturing on November 30 for new 2025s and cash. Fitch says it understands the central bank — which in September announced restrictions on hard currency debt refinancing — has approved the deal and that Hipotecario will be able to access a sufficient amount of dollars to carry out the swap.

    • 12 Oct 2020
  • Antofagasta mines close to Codelco on debut bond deal

    Chilean copper mining company Antofagasta, the longest continuously listed company on the London Stock Exchange, clinched its first international bond on Thursday as Latin American bond markets continued their recovery from recent wobbles.

    • 08 Oct 2020
  • Pemex plays to crowd with blowout five year

    Mexican state-owned oil company Pemex offered a winning mix of liquidity and yield on Thursday when it made its first visit to the bond markets since January with a deal that was smaller and shorter in maturity than its usual offerings.

    • 08 Oct 2020
  • Angamos gets strong response to bond buy-back after early PPA cancellations

    Chilean energy company Empresa Eléctrica Angamos will repurchase nearly 80% of its bonds due 2029 after achieving strong participation in a tender offer despite the complaints of one bondholder advocacy group.

    • 08 Oct 2020
  • Investors weigh up Bahamas bond proposal

    The Commonwealth of the Bahamas set initial price thoughts on a new 12 year bond on Wednesday. The deal is set to test demand for riskier emerging market credit. Pricing is expected on Thursday.

    • 08 Oct 2020
  • Costa Rica bonds tumble as IMF talks pulled

    Costa Rica’s bonds have fallen this week after the government cancelled a proposed tax hike that it was planning to bring to discussions with the IMF. The bonds could still be vulnerable as analysts say there remain questions over the viability of a programme with the Fund.

    • 07 Oct 2020
  • Angamos grows tender participation after extending early-bird deadline

    Chilean energy company Empresa Eléctrica Angamos will repurchase nearly 80% of its bonds due 2029 after achieving strong participation in a tender offer despite the complaints of one bondholder advocacy group.

    • 07 Oct 2020
  • Bahamas set to dive into bond markets

    The Commonwealth of the Bahamas could tap bond markets later this week to fund budgetary spending, GlobalCapital understands.

    • 06 Oct 2020
  • Chilean miner plots debut deal

    Antofagasta plc, the Chilean copper miner that is the longest continuously listed company on the London Stock Exchange, began investor calls on Monday as it turned to bond markets for the first time.

    • 05 Oct 2020
  • Atento puts bond on hold as Lat Am teeters

    Business services company Atento became the fourth Latin American credit in recent weeks to cancel borrowing plans on Friday, blaming “unfavourable” market conditions as it postponed a proposed liability management exercise.

    • 05 Oct 2020
  • GNB pulled, Lojas prints as Lat Am left in limbo

    Latin American bond bankers were receiving mixed messages from primary market activity this week as Colombian bank GNB Sudameris cancelled a proposed tier two deal but two other companies notched strong deals.

    • 01 Oct 2020
  • Mendoza hits CAC threshold to swap 2024s for 2029s

    The Province of Mendoza has become the first Argentine province to complete a restructuring of its international bonds this year after a proposal, amended twice, achieved enough backing to trigger the collective action clause (CAC).

    • 01 Oct 2020
  • Suriname set to restructure debt after devaluation

    Suriname, South America’s smallest country, has tabled an amendment to its debt act that includes a request to the finance minister to submit a debt restructuring plan.

    • 01 Oct 2020
  • Colombia is right to lean on the IMF

    Colombia will become the first country to ever draw funds from an IMF flexible credit line (FCL), the Fund’s facility for its star pupils. In these exceptional times, Colombia should ignore any stigma associated with tapping IMF funding and be applauded for healthy pragmatism.

    • 01 Oct 2020
  • Mendoza becomes first Argentine province to wrap restructuring

    The Province of Mendoza has become the first Argentine province to complete a restructuring of its international bonds this year after a proposal, amended twice, achieved enough backing to trigger the collective action clause (CAC).

    • 01 Oct 2020
  • GNB Sudameris sets guidance but Lat Am window increasingly creaks

    Colombian bank GNB Sudameris looked likely to price a Basel III-compliant tier two bond on Thursday at the second time of asking, but bankers said issuance windows were becoming narrower after another volatile day.

    • 01 Oct 2020