LatAm Bonds

Latin American trade finance lender Bladex has promoted from within after the departure of its chief financial officer.

Hong Kong-listed China Mengniu Dairy has won regulatory approval to tap the Panda bond market for the first time, and is seeking as much as Rmb15bn ($226.7m) from short and medium term notes.

Brazilian low-cost airline Gol has announced its latest liability management efforts: a $50m tender offer for its outstanding 2020s and a redemption of three small bonds issued as part of a distressed debt exchange last year.

Rutas al Mar, the toll road being built between Colombia’s Antioquia and Bolivar states, became the third concessionaire in the country’s 4G infrastructure project to issue bonds last week.

Bankers and investors covering Latin America were grateful this week for the end of a hectic year in which unprecedented levels of issuance have sprung from the region, with strong conditions set to continue in 2018.

Mexican payroll lender Alpha Holdings sold its inaugural cross-border bond deal on Tuesday, becoming the latest in a growing group of Lat Am non-bank lenders to have issued internationally.

Colombian asset prices hardly budged this week after Standard & Poor’s brought the South American sovereign — once an EM darling — within one notch of junk status.

Banco Santander Chile sold $500m of three year bonds on Tuesday in its first dollar-denominated sale in three and a half years, offering investors a rare chance to buy such highly rated paper.

Latin American bonds and currencies enjoyed a positive performance on Wednesday after the US Federal Reserve’s broadly expected decision to hike its target rate by 25bp. Bankers and investors are finally looking forward to a rest after a hectic new issue schedule.

Mexican payroll lender Alpha Holdings sold its inaugural cross-border bond deal on Tuesday though it was unable to tighten beyond initial price thoughts.

Banco Santander Chile sold $500m of three year bonds on Tuesday in its first dollar-denominated sale in three and a half years, taking advantage of a beneficial swap rate for opportunistic trades, according to DCM bankers.

South American sovereign Colombia is just one notch above junk status with Standard & Poor’s after weaker than expected growth took its toll on government finances.