LatAm Bonds

Brazilian low-cost airline Gol increased the size of a tap of its newest bonds on Wednesday as part of a strategy to actively manage its debt maturity profile.

South America’s best-rated sovereign sold its second cross-border bond in three business days on Monday, matching the lowest spread it has ever paid in the dollar market — despite offering more new issue premium than recent lower rated Lat Am deals.

Brazilian low-cost airline Gol left books open overnight for its latest dollar deal as investors said they understood the company was expecting some Asian demand.

The first meeting of the Central Banks’ and Supervisors’ Network for Greening the Financial System has broadened the emphasis of the group’s work from a focus on climate change to one on climate and the environment.

Peruvian lender Interbank will increase the size of its recently issued 2023s by nearly $285m after bondholders of its old 2020s agreed to switch into the new bonds.

Brazilian state-owned oil giant Petrobras, the most prolific dollar issuer in emerging markets, returned to the bond markets on Thursday with a flat to negative new issue concession amid overwhelming appetite for paper.

Three Argentine companies sold dollar deals this week to bring welcome new supply to EM investor portfolios but it was a familiar story on pricing as even the duo of debut issuers in the market offered slim pickings in terms of concession.

DCM bankers said Chile was reaping the rewards of repeated issuance in the euro market after the sovereign clinched an €830m 11 year deal at a slimmer than usual premium to its dollar curve.

Mexican non-bank lender Unifin printed $250m of perpetual subordinated notes on Wednesday after bankers were pleasantly surprised by the strong participation from large institutional accounts, despite the small size of the deal.

Chinese property developer Country Garden Holdings was forced to pull a Rmb1.8bn ($281.2m) three year Panda bond this week after investors demanded a better return amid rising volatility, writes Noah Sin.

Mexican non-bank lender Unifin printed $250m of perpetual non-call seven subordinated notes on Wednesday after bankers were pleasantly surprised by the strong participation from large institutional accounts, despite the small size of the deal.

Unifin Financiera, the Mexican non-bank lender, is likely to sell a $200m subordinated perpetual bond during New York business hours on Wednesday after announcing price talk on Tuesday.