LatAm Bonds

Uruguay is in advanced discussions with clearing houses to make it easier for international investors to participate in its local curve, as the sovereign looks to integrate its domestically issued notes with the nominal global peso curve established this year.

Colombia’s third largest lender Banco Davivienda is planning a peso-denominated issuance of up to $500m-equivalent a week after Bancolombia reignited FIG issuance from the country.

Brazilian steelmaker Gerdau has increased the amount of bonds it will buy back in its latest tender offer after raising $650m of 10 year notes on Thursday.

Colombia’s largest lender, Bancolombia, raised $750m of tier two subordinated bonds this week in the first Basel III-compliant transaction from the country.

Brazilian steel producer Gerdau this week became the latest Latin American issuer to take advantage of hugely benign conditions to issue new debt inside where its existing curve was trading.

Luis Caputo, the finance minister of Argentina, said on Wednesday that the South American sovereign would likely return to the euro-denominated bond market in late October or early November.

Chilean power company Colbún will buy back more than 70% of its existing $500m 6% 2020s after wrapping up the early-bird portion of a tender offer.

Staatsolie, the oil company 100% owned by the Surinamese government, will look to raise financing on international bond and stock markets if there are commercial oil finds in its waters.

S&P and Fitch have upgraded El Salvador’s foreign currency debt rating after the Central American sovereign completed a restructuring of debt owed to local private pension funds.

Brazil sold new 10 year bonds this week as part of a liability management exercise, using a combination of a cash tender and exchange offer to buy back $3bn of short-dated bonds.

Chilean lender Banco de Crédito e Inversiones (BCI) became the latest Latin American issuer to take advantage of strong market conditions as it took the plunge on its first international bond issuance for more than four years.

Three of the first four Latin American dollar deals of the week were priced inside each borrower’s respective curve as syndicate bankers covering the region struggled to remember such an extended period of bond market strength.