LatAm Bonds

Gran Tierra Energy, the Canada-listed oil and gas company that mostly operates in Colombia, ventured into bond markets for the second time this week to sell $300m of debt at a pick-up to its existing notes.

Guatemala battled difficult market conditions on Thursday to issue its first 30 year bond since 2004 as part of a dual-tranche issue as investors continue to seek long-dated paper.

Latin America bond bankers hope that more Mexican companies will look to sell new debt after Televisa clinched a tight price for its 30 year bond this week to wake up the country’s dormant primary market.

Holding company Ultrapar, one of the five largest conglomerates in Brazil, planned to sell a new bond to finance existing debt on Wednesday into a market showing no consistent sense of direction.

Brazil’s Suzano tapped international bond investors for the fourth time since September on Tuesday, capitalising on a dearth of recent supply from Latin America and favourable sentiment towards the pulp and paper sector.

Mexican media company Televisa returned to dollar bond markets after a three and a half year hiatus on Tuesday and was able to increase the size of a planned trade despite offering minimal concession.

Gran Tierra Energy, the Canada-listed oil and gas company that mostly operates in Colombia, ventured into bond markets for the second time on Monday to sell $300m of debt at a pick-up to its existing notes.

Chile attracted more international investors than ever before into a local currency deal this week as it braved a volatile market to raise $1.5bn-equivalent of new money and a further $420m through an exchange of old bonds.

DCM bankers said they were sitting on mandates for Latin American bond issuers as another week of volatility in global markets kept the region’s primary markets quiet.

Chile raised around $1.5bn-equivalent of new peso debt on Wednesday in its fourth Euroclearable local currency deal.

Investors appear to be split over whether or not Turkey will follow through with its proposed purchase of a Russian S-400 missile system, in the face of likely sanctions from the US if it does.

Colombian airline Avianca is taking longer than expected to refinance a $550m senior unsecured bond coming due in less than a year, triggering ratings agency S&P into cutting the borrower's credit rating, driving up the yield on the note.