LatAm Bonds

Camposol, an agribusiness operating mainly on Peru’s Pacific coast, is asking investors to swap existing 2017 bonds for a new five year deal to buy itself time during a period of tight liquidity.

Jacob Steinfeld, JP Morgan’s head of EM corporate research and strategy, has moved to the bank’s Latin American credit trading business — leaving one of his team to take his old job, according to an internal memo. At the same time the US bank has added a new name to its Lat Am credit research team.

An assortment of borrowers, debt capital market bankers and rating agency officials gathered in Nassau on Friday to discuss the state of play for Latin American bond issuers.

The decision by the IDB to grant a $5bn loan to Argentina has helped buoy confidence in the country ahead of its return to international capital markets after a 15-year absence with a $12bn-$15bn bond

The Brics bank is to finally make its capital markets debut later this month by issuing green bonds in RMB with the proceeds to be channelled into energy and infrastructure projects, sources have told Emerging Markets, a sister publication of GlobalCapital Asia.

Argentina, for over 15 years a pariah of international capital markets, will begin meeting fixed income investors on Monday with bond investors and bankers in bullish mood about what could be the largest EM debt issue for two decades.

Not only are Latin American companies not issuing like they used to, but an increasing number are using spare cash to buy back existing bonds in a demonstration of the lack of financing needs in the region.

Lat Am syndicate bankers said on Thursday that the market remained in wait-and-see mode ahead of Argentina’s imminent jumbo bond return as another week passed without issuance.

Latin America credit had an unusually poor day despite a mini rally in oil prices as Moody’s warned about the longer term impact of weak commodities.

Argentine real estate company IRSA will buy back nearly $213.5bn of dollar denominated bonds after wrapping up a tender offer that will be financed by its recent bond deal.

Brazilian meatpacker Marfrig used cash to buy back $72m of senior notes from October 9 last year to February 18 this year, focussing on its lowest coupon, lowest dollar price bond, the company revealed on Monday.

With its bond spreads hovering near all-time wides versus its sovereign, Mexico oil giant Pemex was hit by a two notch downgrade from Moody’s on Friday after the rating agency also placed the country’s credit rating on negative outlook.