LatAm Bonds

Brazilian cement company Votorantim Cimentos (VotoCim) began meeting fixed income investors on Thursday ahead of a potential bond issue that will be used to buy back one or two existing euro-denominated notes.

The Republic of Argentina is set to continue its huge year of bond issuance with its first euro-denominated trade since its 2001 default. The announcement comes after the finance ministry said it would need to raise up to $15bn of international debt next year.

New funding possibilities in the Swiss franc bond market for lower rated issuers have been opened up by a ground-breaking Sfr300m issue for YPF, the Argentine state oil company, writes Silas Brown.

Bankers said that the long list of Latin American borrowers getting ready to issue should now have a clear path to market after the US Federal Reserve left interest rates unchanged — as many had expected.

Argentina will meet investors in Europe next week ahead of a potential euro-denominated bond issue that would be the first from the sovereign since its 2001 default.

Brazilian cement company Votorantim Cimentos (VotoCim) will begin meeting fixed income investors on Thursday ahead of a potential bond issue that would be used to buy back up to two existing euro-denominated notes.

The municipality of Córdoba, the second largest city in Argentina, has mandated Santander to manage a roadshow ahead of a planned international bond debut.

Latin American development bank Corporación Andina de Fomento (CAF) will look to price a new dollar benchmark on Tuesday after beginning to take indications of interest on Monday.

YPF, the B3/B rated oil company that was nationalised by the Argentine government just four years ago, took the Swiss franc market into what one syndicate banker called “unchartered territory” with a three year deal on Friday.

Bondholders owning some 71.11% of Brazilian meatpacker Minvera’s 7.75% 2023s agreed to tender their paper by the earlybird deadline of September 14, the issuer said.

A serene summer came to an end this week as uncertainty over a possible US interest rate hike brought volatility back to EM bond markets just as slew of Lat Am borrowers were ready to issue.

Venezuelan state oil giant PDVSA’s proposed debt swap could make its bonds an even more attractive prospect than some investors feel they already are, but economists warned it would do nothing to treat the country’s deep economic crisis.