LatAm Bonds

Central American development bank Cabei began its funding for 2017 by issuing more than $100m-equivalent in niche currencies, the bank’s head of capital and financial markets told GlobalCapital.

Analysts believe that Belize’s third restructuring of the century could drag on long after the government’s target end-date of March after certain bondholders said they would reject a proposed amendment to the terms of its so-called “superbond”.

Multinational food company Sigma Alimentos is preparing ground for what is likely to be the first new issue from a Mexican borrower since Donald Trump became president of the United States.

Brazilian aircraft manufacturer Embraer and Guatemala-headquartered Central American Bottling Corporation (CBC) showed that Latin American bond markets had put the softness at the end of last week behind them with heavily oversubscribed trades on Wednesday.

Emerging market investors, starved of paper so far this year, have suddenly been flooded with interesting credits, and as Egypt’s blowout trade shows, they were ready for it.

Brazilian oil giant Petrobras has increased the maximum amount of its tender offer for a second time, from $4bn to $6bn, as it continues to make impressive progress chipping away at its roughly $120bn debt mountain.

South American development bank Corporación Andina de Fomento (CAF) sold R$220.2m ($69.46m) of Brazilian real-denominated Uridashi notes on Tuesday in its first deal in the currency.

Colombia glass and window maker Tecnoglass sold $210m of five year non-call three bonds on Monday in a deal anchored by US high yield investors.

Donald Trump’s inauguration as US president had no effect on Latin American bond markets, said syndicate bankers, although a sell-off in US Treasuries meant the buoyant market tone had softened by the end of the week.

Argentina found ample demand for its latest dollar-denominated bond sale on Thursday as investors found reassurance in the South American country’s ability to diversify its funding.

Colombia returned to dollars after a 15 month absence on Wednesday, becoming the first investment-grade Latin American sovereign to issue in the currency this year and notching up a large, tightly priced deal.

Argentine energy company Pampa Energía clinched pricing that was at least flat to its closest comps on its debut bond issue, said EM syndicate bankers, as corporates from the country look set to keep taking advantage of their newfound popularity.