LatAm Bonds

A struggling nuevo sol is turning Peru’s companies rapidly away from international bond markets as the issuer of the tightest Peruvian corporate bond ever looks to rid itself of all dollar exposure.

Latin American trade finance bank Bladex is understood to be monitoring potential yield levels in Japan’s Tokyo Pro-Bond market and could become the second name from the region to issue there.

Government-owned development bank Nacional Financiera (Nafin) is plotting what would be the first ever green bond from Mexico and — unlike the previous two such bonds from LatAm — will be ringfencing the proceeds.

Uruguay sent a sign that broad volatility in emerging markets would not put Latin American sovereigns off the new issue market with a $1.7bn amortising 12 year deal that it will use to buy back old bonds.

Peru looked set to test the euro market for the first time in more than a decade after announcing plans for an extensive European roadshow.

Peru will meet investors in Europe next week ahead of a potential return to the euro bond market for the first time in more than a decade.

Mexican retail chain Soriana is meeting investors ahead of a potential bumper peso deal as deal pipelines fill up in Latin America’s stronger economies.

Bankers covering Latin America are optimistic about the prospects for primary supply from the region this week, with Mexican names the top picks to test the market.

Fitch has downgraded a series of project bonds issued by Odebrecht’s oil and gas subsidiary for the fifth time this year following the early termination of an oil rig contract by Petrobras.

HSBC has hired Elena Garcia-Hernandez, who moved to Banca Itau from JP Morgan less than a year ago, for its London syndicate desk. The bank has also reshuffled global syndicate, moving two bankers to Hong Kong.

Uruguay finance minister, Danilo Astori has told GlobalCapital that the country will mandate banks for a global bond in the coming days, with at least three Latin American governments preparing to raise international debt before the year is out.

Mauricio Cárdenas, the Colombian finance minister, has told GlobalCapital’s sister paper Emerging Markets that the sovereign is discussing the issuance of a euro-denominated bond as it looks to complete its 2016 financing needs as early as possible.