LatAm Bonds

Peru’s ability to decouple itself from troubles in emerging markets should safeguard its standing in global debt markets as it becomes a more frequent issuer, said the country’s bond head.

Two Brazilian lenders have concluded buybacks of subordinated notes, with Banco Votorantim easily passing its target and Banco BMG getting close.

Mexican development bank Banco Nacional de Comercio Exterior (Bancomext) sold $1bn of 10 year notes on Tuesday in a bond sale that Latin America debt bankers hoped would encourage more borrowers into the market.

Banco ABC Brasil has become the fourth Brazilian lender and sixth Brazilian issuer to launch a tender offer for existing debt in the last month as low dollar prices make bond buybacks attractive.

With the world’s top financiers and policy makers ready to descend on Lima for the annual meetings of the IMF and World Bank this week, Peruvian finance minister Alonso Segura has said that the South American sovereign is likely to issue more frequently in international bond markets.

Brazilian meatpacker Marfrig Global Foods has hired Braskem’s popular head of investor relations to lead its investor relations and strategic planning departments.

Two Mexican borrowers are aiming to reignite Latin America primary markets next week after a volatile few days left the region’s bulging pipeline blocked, according to bankers on the deals.

Five Brazilian borrowers have tender offers underway on dollar bonds as those issuers with the cash to spare are taking advantage of rapid drops in secondary market prices.

Wednesday’s improved tone in Latin America credit markets was a positive sign but is unlikely to be enough to encourage borrowers back into the market, said syndicate bankers covering the region.

Brazilian meatpacker Marfrig wasted no time in putting the proceeds of its sale of UK subsidiary Moy Park to work, launching a tender offer for old dollar bonds the day after the deal was closed.

Bondholders have given Banrisul a stronger response to its tender offer for subordinated debt than they gave Brazilian peer Banco BMG in the early bird phase, but not as overwhelming a response as they gave Banco Votorantim, as Brazilian banks look to repurchase expensive bonds.

The Argentine province of Neuquén said it would make a second attempt to sell a dollar-denominated bond “when market conditions are more stable and convenient”, after the region’s government did not approve the interest rates that investors were seeking.