LatAm Bonds

Dominican Republic-based power generator AES Dominicana will begin investor meetings on Friday ahead of a proposed dollar denominated 144A/Reg S as Lat Am corporates revelled in strong market conditions.

Guatemala will undertake a second day of investor calls on Thursday ahead of what is likely to be the its first international bond since February 2013.

Oman will be hoping this week's buoyant support of Middle East credits remains after Abu Dhabi attracted $17bn of orders to its $5bn dual tranche deal on Monday. Abu Dhabi hit big in emerging markets this week drawing $17bn of orders for its $5bn dual tranche bond. It is the largest deal from a Middle Eastern sovereign, an accolade it shares with Qatar which issued the same amount back in 2011.

Mexican cement company Cemex is looking to buy back up to $400m of senior secured bonds, the latest exercise in liability management.

Grupo Sura, the owner of the largest pension fund in Latin America and the largest bank in Colombia, raised $550m of 10 year senior unsecured bonds on Tuesday as Latin American high grade corporates finally took advantage of a receptive market.

Mexican refrigerated food company Sigma Alimentos sold the first dollar denominated high grade private sector bond from Latin America this year on Monday, taking advantage of low corporate supply to tighten pricing.

Brazilian telecoms firm Oi has entered a “customary non-disclosure” agreement with Moelis & Company, the advisor for a group of its bondholders, as it looks to work on cutting its debt burden.

Some 49% of troubled Canadian-Colombian oil company Pacific Exploration & Production’s creditors, comprising bank lenders and senior noteholders, took just two days to agree to a restructuring proposal presented on Monday evening.

Argentina fever has gripped financial markets after the sovereign’s record breaking return to international bond markets this week, with sub-sovereigns likely to be the first to take advantage of the clamour for bonds.

Mario Draghi, European Central Bank president, is known for playing with his bazooka. Right now, it feels more like his Badedas. The capital markets are swimming in froth, as surely as if Draghi had doused them with revitalising bath goo.

Banco Nacional de Costa Rica (BNCR) sold the first ever high yield green bond from Latin America on Wednesday, jumping on the momentum in a buoyant market provided by Argentina’s jumbo bond comeback.

Argentina’s record-breaking return to international capital markets was priced much tighter than many investors would have liked. But the country's president Mauricio Macri is exactly the kind of leader EM investors have been looking for, so the exceptionally strong performance in the aftermarket is more than understandable.