LatAm Bonds

An unexpected bond issue from Ecuador sent its bond prices tumbling on Tuesday as some analysts saw the deal as a sign that the country was not delivering on its fiscal promises.

Corporación Nacional del Cobre de Chile (Codelco), the world’s largest copper producer, extended the run of well received long dated bonds from Latin American issuers as it notched $2bn of new funding in a dual tranche offering.

Brazilian food producer BRF will look to buy back more old bonds than initially intended after selling a larger than expected long 10 year note last week.

Brazilian food group BRF priced a new larger than expected 10 year at a tighter than excepted yield as Lat Am’s strong September continued apace after a one day break for the US Federal Reserve meeting on Wednesday.

A change in CEO slightly delayed Banco Votorantim’s return to bond markets but the Brazilian bank had no trouble finding demand when it announced a dual tranche on Tuesday nearly two weeks after the end of its roadshow.

Brazilian state-owned oil and gas giant Petrobras issued a new long 10 year of more than $4bn via an exchange offer on Monday and the note immediately jumped above par.

Moody’s upgraded the Central American Bank for Economic Integration (Cabei) from A1 to Aa3 on Wednesday, paving the way for the multilateral lender to approach traditional dollar SSA investors.

Minera México, the largest subsidiary of Southern Copper Corporation, priced flat or inside its parent company’s curve on Thursday as investor appetite for Mexican credit shows no sign of easing.

Brazilian lender Banco Votorantim found ample demand for a dual tranche issue on Tuesday after waiting nearly two weeks from the end of its roadshow to announce a deal. Compatriot food company BRF could now bring a deal a little quicker having concluded its own investor meetings.

Brazilian state-owned oil and gas giant Petrobras will issue a new long 10 year of over $4bn after existing bondholders agreed to participate in an exchange offer that will see them swap old notes for a combination of cash and new paper.

Mexican state-owned oil company Pemex found plenty of follow-through demand in secondary markets as all three tranches of its $7.5bn bond issue traded up on the break.

Minera México, the largest subsidiary of the Southern Copper Corporation, will hold investor meetings this week as it looks to join the slew of Mexican credits taking advantage of benevolent bond markets.