LatAm Bonds

Brazilian electricity company Cemig will return to bond markets towards the end of the month. It had failed to garner sufficient investor interest before its earnings numbers went stale.

Latin American bankers see a calmer period ahead for corporate new issues and some companies are already plotting deals for later in the quarter.

Argentine energy company Capex and Mexican financial Unifin showed that conditions were as strong as ever in Latin American bond market as both high yield names notches blow-out new issues.

Mexican financing and leasing company Unifin Financiera raised $450m of seven year bonds on Wednesday as bankers’ hailed the company’s improving reputation in the market.

The emerging market bond pipeline remained strong this week with Turkish lender Finansbank the latest CEEMEA name to join the fray, after the borrower announced a one day roadshow for Wednesday. Meanwhile, Latin American borrowers are beginning to encounter some investor push-back.

Recent developments in Latin American new issue markets may have shown just how risk-tolerant the market has become, but there are signs that investors may be fighting back.

Nomura has hired a veteran of Latin American bond markets as a managing director as it looks to build its business in the region.

Chile’s leading casino operator Enjoy SA spent Monday receiving feedback from investors about certain modified terms on its offering memorandum after potential bond buyers decided that the original terms were too risky a bet.

Two high yield companies from Latin America will wrap up investor meetings on Tuesday ahead of planned dollar-denominated bond issues.

Peru’s ministry of economy and finance has authorised state-owned oil company Petroperu to proceed with a long awaited debut bond issue.

Chilean power transmission company Celeo Redes showed the bond market’s willingness to support first-time Latin American borrowers with a 30 year amortiser that bankers saw as coming tight to expectations.

One of the best-performing sovereigns in Latin America showed that investors had no fears when it came to buying duration as it raised $1bn of long bonds alongside a $150m tap of its 10 year on Thursday.