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  • Bond markets continue to offer Latin American sovereigns tight pricing down the dollar curve, with Panama and Paraguay on Wednesday becoming the latest pair to price dual tranche deals. But with rates curves having steepened this month amid the expectation of higher rates in the long term, bankers are sensing that the 10 year is becoming the sweet spot on the maturity curve.
  • Chile tapped bond markets for $4.25bn-equivalent of funding on Tuesday, starting with a 10 year green tap and new long-dated social bond in euros, and then following a similar playbook in US dollars.
  • Debt capital markets bankers covering Latin America continue to be impressed by the pace and variety of new issuance in January, with Guatemalan lender Banco Industrial the latest to join the primary pipeline.
  • Creditors of Argentine state-owned oil and gas company YPF are fighting for their rights after being asked to participate in a debt exchange that would cause them material losses. But even if bondholders rebuff what appears to be an opportunistic offer, the attempted deal is another bad omen for investors in Argentina.
  • Chile is looking to debut its social bond framework in the euro market this week with a 20 or 30 year benchmark. The deal will be accompanied by a re-opening of its 0.83% green bonds maturing in July 2031.
  • A group of investors holding more than a quarter of YPF’s $6.228bn of outstanding international bonds have confirmed that they will not participate in the company’s exchange offer, but say they do not believe they need to take further steps, for now, to block the deal.