LatAm Bonds

Banco Mercantil do Brasil extended the settlement date for a buyback of its 2020 dollar denominated subordinated debt this week, because it has not yet received central bank approval to increase the amount it can purchase.

Banco Mercantil do Brasil extended the settlement date for a buyback of its 2020 dollar denominated subordinated debt this week, because it has not yet received central bank approval to increase the amount it can purchase.

Latin American primary bond supply should pick up in the next couple of weeks after eurozone leaders unanimously agreed to a new bailout package for Greece, say DCM bankers.

Chilean electricity company AES Gener sold a new 10 year deal that bankers considered extremely tight given the volatility in markets and recent deals.

Pacific Rubiales’ bonds tumbled as much as 12 points in secondary markets on Thursday after Alfa and Harbour Energy withdrew their bid for the company in the face of opposition from shareholders.

Brazilian sugar and ethanol producer Tonon Bioenergia will be able to pay in kind the coupons on most of its senior unsecured bonds until January 2017 after investors agreed to a debt exchange designed to ensure the beleaguered company avoids bankruptcy.

Brazilian sugar and ethanol producer Tonon Bioenergia will be able to PIK the coupons on most of its senior unsecured bonds until January 2017 after investors agreed to a debt exchange designed to ensure the beleaguered company avoids restructuring.

Peruvian development bank Corporación Financiera de Desarrollo (Cofide) attracted more than $2bn of orders for an $800m dual tranche bond offering on Tuesday, jumping into a short lived window of market calm.

Turbulence surrounding the potential takeover of Colombia’s largest independent oil company Pacific Rubiales is leaving some investors hopeful the borrower’s bonds are undervalued.

Mexican telco América Móvil has hit the road despite the threat of a Greek default. The firm is looking at dollar and global local peso bonds, but has a definite currency preference, said bankers close to the sale.

Morgan Stanley is this year heading Dealogic’s table of Latin America bonds by volume, having finished last year in 10th position. At this time last year it was not in the top 10 at all.

Mexican hotel operator Grupo Posadas saw its $350m seven year deal trade up on Friday as bankers said that there was still demand for high yield despite the sub-investment grade segment of the Latin American market suffering its worst year in terms of new issuance since 2009.