LatAm Bonds

Panamanian lender Global Bank saw its new five year bonds trade up 50 cents on Friday as an improved credit profile allows the bank to buy back covered bonds using senior unsecured debt.

The Province of Buenos Aires tapped its existing 2019s and 2027s for a total of $750m on Friday to take advantage of still favourable market conditions as syndicate bankers said there was no good reason for borrowers to delay issuance plans.

Panamanian lender Global Bank saw its new five year bonds trade up 50 cents on Friday as an improved credit profile allows the bank to buy back covered bonds using senior unsecured debt.

Almost 72% of noteholders have participated early in the Panamanian covered bond lender’s tender offer.

CFE provided a strong base for fellow Mexican quasi-sovereign Nacional Financiera to issue as soon as next week after selling a long 10 year bond on Tuesday that tightened 10bp-12bp in the two days after pricing.

Bolivia-headquartered multilateral lender Fonplata could issue a debut bond in 2018 after securing a capital increase from its five members earlier this year, its executive president Juan Notaro told GlobalCapital.

Bermuda’s first bond in three years traded up on Wednesday despite a mixed tone in Latin American credit markets.

Lat Am bond bankers said that Donald Trump’s floundering campaign to become US president could help Mexican borrowers as utility Comisión Federal de Electricidad (CFE) returned to bond markets with a 10 year benchmark.

Venezuelan state oil company PDVSA’s most recent attempt to exchange short-dated bonds has proven so popular that it has made the deal impossible, according to investors.

EM bond market conditions continue to attract riskier issuers, with Suriname set to meet US and European next week after spending Thursday and Friday in the Caribbean.

US based bond investors said that Argentina’s first euro-denominated bond issue for 15 years came too tight for them, as bankers said this was likely to be exactly what the sovereign had been looking for. However, the level also looked tight for yield-hungry European accounts, with the bonds trading down around a point on Thursday.

Island nation Bermuda is understood to be targeting Tuesday, October 11 to issue its first bond in three years, according to one investor, after beginning a roadshow earlier this week.