LatAm Bonds

Colombia’s finance ministry has turned to a former employee to run the public credit office after the previous chief funding official resigned last week.

Property developer Country Garden, which holds the record for selling the Panda market’s largest bond, has obtained approval for a Rmb9.5bn ($1.44bn) issuance programme, the company said in a filing on Hong Kong Stock Exchange on Thursday.

A Brazilian high yield duo is set to test the Lat Am bond market’s appetite for risk next week as they plot two of the racier deals to emerge from the region this year.

As much as Latin American bond markets have enjoyed a record year, trades of $300m or under that are not eligible for indices have largely struggled.

Brazilian engineering group Andrade Gutierrez has begun to reduce a looming bond maturity, which is concerning rating agencies, with a tender offer to be funded by cash.

Minas Gerais state power utility Cemig announced its second roadshow of the year the day after signing a R$4bn ($1.23bn) bank loan as it looks to improve its liquidity position via a renewed attempt to sell international bonds.

Broad demand helped Mexico’s Crédito Real price the first perpetual hybrid from a Latin American non-bank lender at the tight end of guidance on Tuesday.

Bond investors will have more sub-sovereign supply from Argentina to enjoy next week after a new borrower announced issuance plans.

Property developer Soho China has filed for a Rmb10bn ($1.5bn) medium term note programme with the National Association of Financial Market Institutional Investors, in preparation for its debut deal in the Panda bond market.

China Resource Cement Holdings is making a return to Panda bonds more than a year after its debut in the Mainland’s onshore renminbi market.

The banking arm of Brazilian conglomerate Votorantim will kick off investor meetings later this week ahead of a planned Basel III-compliant additional tier one (AT1) deal as Latin America DCM bankers say that more bank capital trades are on the way.

Mexican non-bank lender Crédito Real is set to price its first perpetual hybrid bond on Tuesday after releasing guidance on Monday.