LatAm Bonds

Banco Bradesco returned to international bond markets on Wednesday after an extended absence, and fellow Brazilian Eletrobras is also plotting a cross-border deal as US bond markets finally begin to look attractive for Brazilian issuers.

Telefónica Celular del Paraguay (TeleCel), the Paraguayan subsidiary of pan-EM telecoms group Millicom International Cellular, took advantage of a buzzing bond market to add $250m on Tuesday to a bond issued last April.

Investors said that Chile’s focus on green bonds should allow it to diversify its funding base as the sovereign shrugged off political uncertainty to clinch tight pricing on its return to euro markets on Tuesday.

Debt capital markets bankers said that the pricing Mexican state oil company Pemex achieved on a rare 40 year tranche was one of the highlights of a busy Tuesday in Latin American primary markets.

Colombia made its usual January bond market outing on Tuesday, unperturbed by protests across the country and capturing strong demand despite some indications of worry about the long-term fiscal picture.

Mexican bottling company Coca-Cola Femsa has defined the buy-back price of its 2023 senior unsecured bonds as it looks to mop up some outstanding debt.

The Republic of Chile has mandated banks to arrange its second euro green bond offering, as well as launching a tender offer of outstanding euro debt.

Ecuador raised $400m of funding for social housing at a lower cost than its conventional curve thanks to an innovative tranched structure that also offered junior bondholders the chance to gain some extra pick-up with exposure to one of the highest paying sovereigns in Latin America.

Colombian holding company Grupo Aval could return to bond markets for the first time in eight years after mandating banks to manage investor meetings.

Brazilian steel producer Companhia Siderúrgica Nacional (CSN) will continue its focus on addressing short-term debt maturities with a proposed benchmark that it wants to use to fund a tender for bonds maturing in July.

Peruvian food producer Camposol is lining up a new bond with credit ratings improved after a corporate reorganisation. Camposol is hoping to have better luck with market conditions after suffering cruel timing on two previous attempts to print bonds back in 2018.

Issuers from Latin America’s largest economy finally began feeding a yield-hungry buy-side this week, as bankers say there is little sign of investors turning their noses up at apparently rich valuations.