LatAm Bonds

A strong performance in Brazil’s bond curve on Wednesday underlined how unsurprised bond investors were to see Latin America’s largest sovereign receive yet another rating downgrade.

Santander’s Chilean arm has launched a tender offer for up to $500m on its 3.875% fixed rate 2022s and its floating rate notes due 2018.

Three positive days in markets pushed Mexico to sell its second deal of the year on Tuesday as Latin America sovereigns become more pragmatic about choosing issuance windows.

Colombia’s sovereign bonds closed tighter on the day on Tuesday despite lower oil prices driving Standard & Poor’s to place the government’s BBB credit rating on negative outlook.

Mexico is looking to sell its fifth euro denominated bond in four years after releasing initial price thoughts for six and 15 year tranches on Tuesday.

Argentina may be able to access international capital markets even if US creditors continue to reject restructuring proposals, said analysts this week.

Dollar bonds from Latin America remained elusive this week as global market turmoil kept borrowers on the sidelines.

Energy investor EIG has extended the deadline for its tender offer on the outstanding senior notes of troubled Colombian-Canadian oil firm Pacific Exploration & Production after receiving a lacklustre response from bondholders.

Two more Brazilian companies suffered multi-notch downgrades on Tuesday as the country’s macroeconomic woes continued to take a heavy toll on the corporate sector.

Argentina may be able to access international capital markets even if US creditors continue to reject restructuring proposals, according to strategists at Barclays.

Markit is preparing to launch what it said will be the first tradable emerging markets interest rate swap index.

The pain continued for the Brazilian steel sector on Friday as leading producer Gerdau suffered the loss of its first investment grade rating.