LatAm Bonds

Emerging markets investment manager Ashmore reckons Ecuador could remain active in global debt markets despite agreeing $10bn of financing from multilateral institutions last week to significantly reduce default risk.

Colombian airline Avianca could tap investors for a new bond issue in the coming weeks as it looks to refinance an existing bond maturing in May 2020.

Latin American bond bankers were left envying colleagues covering other markets as the region missed out on strong global credit conditions with a dead week for new issue activity.

Bonds issued by Mexican state oil company Pemex have had a torrid week after support measures announced by the government did not reassure markets.

Latin America's primary bond market has had its slowest start for nine years despite strong appetite for emerging market debt. This has presented an unexpected opportunity for issuers, and those from Brazil are best placed to take advantage.

Brazil’s first attempt to reduce the pension burden at the heart of its fiscal problem impressed analysts on Wednesday, though it did little to lift bond prices with many investors having already taken a bullish view on the prospects of reform.

Pemex's bonds were again the most under-performing in Latin America markets on Tuesday as investors continue to punish the company for last Friday’s apparently underwhelming government support package.

Latin America's primary bond market has had its slowest start for nine years despite strong appetite for emerging market debt. This has presented an unexpected opportunity for issuers, and those from Brazil are best placed to take advantage.

BTG Pactual has appointed Brazil’s most recent finance minister to become CEO of its asset management business following the hire of a BlackRock veteran to lead its equities business.

Dutch asset manager NN Investment Partners will open a new office in Montevideo, Uruguay on February 25 to service Latin American and US offshore clients, the company said on Friday.

Pemex bond prices slid further on Friday after analysts said Mexican president Andrés Manuel López Obrador’s measures to support the state oil giant would not be enough to prevent continued deterioration in its credit quality.

BTG Pactual’s new tier two bonds, the only new issue from Latin America this week, traded pretty much in line with reoffer in the days following pricing, suggesting leads had done a reasonable job of price discovery.