LatAm Bonds

Chilean pulp and paper company Celulosa Arauco y Constitución is likely to perk up the Latin American bond markets this week as it weighs up the sale of new bonds to finance a tender offer.

Just one Latin American issuer comprises the visible new issue pipeline, though bankers say market conditions continued to be favourable during the short working week.

Trinidad Petroleum Holdings (TPH), the state oil company of Trinidad and Tobago, is looking to stave off an $850m August bond maturity with a debt exchange and new senior secured loan.

The US Federal Reserve’s more dovish than expected stance this year triggered the return of Latin America’s largest telecoms company to the dollar bond market after an eight year absence, the group’s chief financial officer told GlobalCapital.

Trinidad Petroleum Holdings (TPH), the state oil company of Trinidad & Tobago, is looking to stave off an $850m August bond maturity with a debt exchange and new senior secured loan.

Empresa de Transmisión Eléctrica (Etesa), the sole electricity transmission company in Panama with exclusive rights to the network, began investor meetings last Friday as it plots an inaugural international bond.

Peruvian power transmission company Transmantaro beat pricing expectations on Thursday, as it clinched a $400m green bond that hit the sweet spot for duration, provenance and credit quality.

Investors in steel producer Companhia Siderúrgica Nacional appear to care far more about the company’s ability to push out $1bn of imminent debt maturities than pricing intricacies. The Brazilian issuer had a far better time in primary markets on Wednesday than on its last outing.

International bond investors have admitted to being impressed at the market’s capacity to absorb local currency paper after Peruvian conglomerate Alicorp sold the second global sol bond in the space of a week.

The Republic of Panama sold local bonds to international investors for the first time on Wednesday as it looks to deepen its domestic debt markets.

Bond investors appeared relieved after Brazilian steel producer Companhia Siderúrgica Nacional (CSN) raised $1bn of new bonds to refinance debt maturing in the next year.

The Republic of Panama sold local bonds to international investors for the first time on Wednesday as it looks to deepen its domestic debt markets.