LatAm Bonds
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Three Latin American companies are meeting investors as bankers say that, despite erratic secondary markets, demand remains given low levels of corporate supply.
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An erratic market tone brought contrasting fortunes to this week’s LatAm new issues as the region’s corporate supply line finally picked up.
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With hopes high among debt bankers that Brazil could become a core source of green bond issues, BR Foods (BRF) sold the first environmentally friend bond from the country last Friday.
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And it traded up. Even the most cynical Brazil bears struggled to criticise Petrobras’s remarkable $2.5bn century bond — the largest 100 year issue by any borrower — that blew open capital markets access for the troubled oil giant.
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Century bonds are easy to criticise, but few instruments generate such momentum around a credit and we mustn’t forget that when they happen it is for a reason: investors want them. -
El Salvador-based lender Banco Agrícola will begin a roadshow on Friday ahead of a potential international bond market debut.
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Tough times in the Chilean high yield sector in the last 12 months are unlikely to put investors off taking advantage of a rare level of juice available for a credit from the country when Latam Airlines launches its new non-call five year bond on Thursday.
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Argentine government-linked issuers are eking out some level of market access despite the sovereign being in default, with the Province of Buenos Aires the latest to tap international bond investors.
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The Middle East is still churning out deals and replenishing its pipeline, but a Gabonese Republic mandate offers hope of some diversification in CEEMEA. Petrobras and Buenos Aires, meanwhile, are among the names lighting up the Latin American bond markets.
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Century bonds are easy to criticise, but few instruments generate such momentum around a credit and we mustn’t forget that when they happen it is for a reason: investors want them.
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No one saw this one coming. Petrobras, whose bonds just two months ago were trading at almost distressed levels, joined an elite club of century bond issuers on Monday, and attracted $13bn of orders in the process.
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Brazilian food group BRF sold its debut euro denominated note around 25bp wide of its dollar curve on Friday with a green bond issue that DCM bankers said was an impressive result for an inaugural deal in the currency.
