LatAm Bonds

Chilean lender Banco del Estado de Chile (Banco Estado) returned to the Aussie dollar market last week with a A$40m ($31.9m) trade.

Mexico’s president has proposed a new — but familiar — director of public credit amid a reshuffle at the country's finance ministry. The move was triggered by the resignation of deputy finance minister Vanessa Rubio, who will coordinate the market favourite’s presidential campaign.

Natura Cosméticos, the Brazilian cosmetics and personal care group that bought UK firm The Body Shop from L’Oréal last year, is to meet bond investors this week as it looks to refinance the debt used to finance the acquisition.

Crédito Real, a Mexican consumer finance company, is set to debut in the Swiss franc bond market in the coming weeks.

The Brazilian sovereign continued a busy period for the country’s issuers with a tap of its existing 30 year bonds on Thursday as bankers said that borrowers from the country were rushing to issue ahead of elections later this year.

Bondholders appear to have brushed off any concerns about the Ecuadorean government’s intention to audit existing debt as the sovereign clinched its largest ever bond issue on Thursday at the tightest yield in its history.

Brazilian waterway logistics provider Hidrovias do Brasil drew a raucous reception for an international bond debut on Wednesday as the Brazilian company was able to price just inside where Rumo — its closest comparable — issued last week, though just wide of where Rumo was trading.

Government-owned water utility AySA (Agua y Saneamientos Argentinos) joined energy companies Genneia and MSU Energy in the pipeline on Thursday as this year’s corporate supply from Argentina looks set to start next week.

Meatpacker Marfrig and airline Gol both completed tender offers for existing bonds this week as Brazilian issuers up the pace of capital market activity at the start of an election year.

Hidrovias do Brasil, the waterway logistics provider, drew a raucous reception on its international bond debut on Wednesday as the Brazilian company was able to price just inside where Rumo — its closest comp — issued last week, though just wide of where Rumo was trading.

Energy companies Genneia and MSU Energy will begin meeting bond investors this week as they look to become the first corporates from Argentina to tap cross-border debt markets this year.

Following nearly a year of waiting, red chip company Shenzhen International Holdings is finally gearing up for its Panda bond debut on the Shenzhen Stock Exchange. But the issuer appears to be cautious in its first outing, targeting only Rmb300m ($46.6m).