LatAm Bonds

The Province of Córboda sold $725m of five year bonds on Friday after tightening pricing by three eighths versus initial price thoughts, making it the tightest new issue from an Argentine province this year.

Latin American trade finance lender Bladex’s treasurer told GlobalCapital that the bank would look to become a frequent issuer in the Tokyo Pro-Bond market after raising ¥8bn ($73.69m) of yen-denominated bonds on Thursday.

The Argentine province of Córdoba is looking to sell a five year bond inside its provincial peers and only just wide of the City of Buenos Aires after announcing initial price thoughts of mid 7% for a new five year dollar benchmark.

Brazilian state owned oil company Petrobras has intensified its efforts to persuade holders of its 8.375% 2018s to part with their paper, increasing the price it is willing to pay for the notes from 107.875 to 110.

Panama-based Bladex became the second Latin American issuer to hit the increasingly popular Tokyo Pro-Bond market, whose flexibility is making access to yen easier for issuers.

Brazilian state owned oil company Petrobras has intensified its efforts to persuade holders of its 8.375% 2018s to part with their paper, increasing the price it is willing to pay for the notes from 107.875 to 110.

Argentine cable company Cablevision will begin meeting investors on Thursday ahead of a planned $500m bond issue.

Brazilian pulpmaker Eldorado Brasil Celulose is understood to be planning to meet fixed income investors as soon as this week ahead of a $500m debut international bond sale.

Deutsche Bank, Itaú and JP Morgan will manage Argentine cable company Cablevision’s return to international bond markets, according to Lat Am DCM bankers.

Cablevision, Argentina’s leading pay TV and broadband provider, will look to revive the country’s corporate bond market with a $500m deal to refinance existing debt.

Enduring optimism about Argentina’s economic prospects, increased funding from the federal government and the chance for investors to pick up significant spreads over the sovereign will continue to allow Argentine sub-sovereigns to tap international bond market in volume, said market participants.

Brazilian meatpacker Marfrig increased the size of a new bond by 50% and still saw it trade two points above reoffer the day after pricing this week as Lat Am syndicate bankers said they were lining up more corporate issuance from beleaguered Brazil.