LatAm Bonds

Argentina’s largest province has announced initial price thoughts of 6% for a 5.5 year €500m no-grow trade in euros.

A junior member of BBVA’s EM debt syndicate team in New York has left the bank to pursue an opportunity away from debt capital markets, GlobalCapital understands.

Fears over the direction of interest rates had emerging markets bond bankers scrambling to reassure investors and borrowers alike that the EM bull run is far from over. To back them up, they had three deals from high yield borrowers to offer, although one investor is hoping for a bit more widening first.

Latin American development bank Corporación Andina de Fomento (CAF) raised $1.25bn of three year bonds on Tuesday, with more than half of the orders coming from central banks and official institutions.

Mexican state-owned oil company Pemex continued its mammoth issuance programme with a $5bn tap of outstanding 10 and 30 year bonds that it will use to buy back old notes maturing between 2018 and 2019.

South American development bank Corporación Andina de Fomento (CAF) is set to price a dollar-denominated benchmark bond on Tuesday less than two weeks after losing its only negative outlook.

Peru will begin meeting fixed income investors on Tuesday in preparation for a benchmark-sized Peruvian sol-denominated bond of “intermediate to long maturity”, according to a note sent to investors.

In a deathly quiet week for Latin America’s bond markets, the Province of Buenos Aires announced plans for its first euro-denominated bond issue for more than 15 years, as Argentina continued to provide the bulk of the region’s supply.

Mexican microfinance lender Financiera Independencia (Findep) began fixed income investor meetings on Thursday as it looks to sell up to $250m of dollar-denominated bonds.

Argentina’s largest province will begin investor meetings on Friday ahead of a planned euro-denominated bond sale, according to DCM bankers close to the deal.

Argentine electricity utility Transener (Compañía de Transporte de Energía Eléctrica en Alta Tensión) has approved a bond of up to $500m, according to a regulatory filing on Tuesday.

One of Argentina’s strongest corporate bond issuers, Cablevision, signed a preliminary agreement to merge with rival Telecom Argentina over the weekend, and one analyst said it could lead to issuance in the cross-border bond markets.