LatAm Bonds
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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.
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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.
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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.
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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.
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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.
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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.
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Six Latin American issuers attracted more than $45bn of orders between them this week as the region’s bonds markets looked set to open Donald Trump’s term as US president in flying form.
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South American development bank Corporación Andina de Fomento (CAF) returned to the euro market this week to raise €750m of five year notes amid a hectic time in both SSA and Latin American markets.
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Sovereign issuers may have grabbed the headlines in Lat Am bonds on Wednesday, but the operator of Santiago’s metro system was certainly able to attract enough investor attention as it raised $500m of funding on Wednesday.
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The Dominican Republic raised $1.2bn of debt on Wednesday close to its curve, taking advantage of strong demand for Lat Am credit.
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Argentina had attracted nearly $15bn of orders for its latest dollar issuance by Wednesday’s close, as both investors and bankers following the deal said they thought the sovereign may issue more than the $5bn it initially planned to sell.
