LatAm Bonds

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.

Energy company Genneia has become the first Argentine company to tap international bond markets this year with a tap of its existing bonds that bodes well for a likely debut from its peer SMU Energy later in the week.

Onshore investors forced red chip issuer Country Garden Holdings to pull a Rmb1.8bn ($281.2m) three year bond on Tuesday. It would have been the real estate company’s first deal in the Panda market since September 2016.

Shenzhen International Holdings has raised Rmb300m ($46.9m) from a five year non put three Panda bond. The deal, which marked the issuer’s first outing in the asset class, was also the first Panda to list in the exchange market in 2018.