LatAm Bonds

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.

Alpha Holdings, the Mexico-headquartered non-bank lender, will look to price its first ever international bond on Tuesday after setting initial price thoughts on Monday.

Colombian toll road project Rutas al Mar is looking to meet investors ahead of a potential local currency bond transaction, according to DCM bankers, in what would be the third issuance from the country’s flagship 4G road-building programme.

EM bond investors’ hopes of a quiet end to the year were dashed by Brazilian issuers seizing the chance to clinch financing ahead of next year’s presidential elections as four credits from Latin America’s largest economy issued in dollars this week.

Mexico’s largest private sector energy company, IEnova, was overwhelmed with orders on Thursday as bond investors welcomed the chance to pick up some new paper not from Brazil or Argentina.

Argentine state oil and gas giant YPF drew a flatter than expected curve with a new 30 year deal on Thursday, following a debut issuance from its private sector rival Tecpetrol earlier in the week.

Brazil’s largest private sector bank, and probably the most robust lender in the country, jumped on a wave of enthusiasm for Brazilian credit to raise $1.25bn of additional tier one capital on Tuesday.

Argentine province La Rioja reopened its $200m green bonds for a further $100m on Wednesday as bondholders said the deal structure meant it continued to offer value despite an already hefty rally in the notes since they were first issued.

Brazilian airline Gol returned to bond markets in style on Wednesday — just 18 months after a distressed debt exchange — as investors bought into the company’s turnaround story.

Two Latin American borrowers look set to price dollar deals on Thursday as issuance volumes in an already record year for the region’s cross-border bond markets get bigger by the day.