LatAm Bonds

Eastern Argentine province Entre Ríos looks set to continue the run of Argentine provinces tapping international bond markets after announcing a roadshow beginning October 31.

Venezuelan state oil giant PDVSA finally wrapped up an exchange of bonds due 2017 for longer dated paper last Friday, but analysts said that the effect on the company’s credit quality in the medium term was negligible or even negative.

Choppy market conditions on Wednesday and Thursday did not prevent Trinidad Generation Unlimited (TGU) from pricing its debut dollar bond issue after notching a four times oversubscribed book.

Trinidadian generation company Trinidad Generation Unlimited (TGU) released initial price thoughts for a new bond with a 10 year average life on Wednesday.

Seven deals launched Thursday as issuers came out in force to raise money ahead what is expected to be greater market uncertainty in November.

Argentine province Santa Fe’s debut international bond issuance on Tuesday made it the second tightest sub-sovereign name in the Argentine credit spectrum as the region’s low leverage levels allowed it to price just 50bp wide of the City of Buenos Aires.

Mexico raised completed the financing of all its external debt obligations for 2017 on Tuesday, selling €1.9bn of long eight and 15 year bonds in its second euro-denominated bond of 2016.

Mexico has followed Argentina to the euro market and has opened books on a deal that will see it print fresh eight year debt and an increase of its existing 31s.

Argentina’s third largest private sector bank in terms of loan portfolio size, Banco Macro, will begin a roadshow on Wednesday ahead of a potential dollar bond issue.

Venezuelan state oil giant PDVSA finally wrapped up an exchange of its short-dated debt for new notes due 2020 on Friday after accepting tenders of $2.8bn from bondholders.

Peruvian lender Banco de Crédito del Perú (BCP) brought in pricing on a new three year senior unsecured note by more than 30bp from initial price thoughts on Friday as investors rushed into a rare Peruvian corporate new issue.

Suriname’s claims to be turning around its public finances found traction with bond investors after the sovereign’s debut international bond was priced tighter than many market participants expected on Wednesday.