LatAm Bonds

Chile reaffirmed its commitment to the European bond market on Tuesday with a dual-tranche issue designed to lure the country’s companies to fund themselves on the other side of the Atlantic.

Latin American bond bankers praised Itaú Unibanco on Monday for issuing the “ideal” trade to reopen dollar bond markets for Brazilian borrowers, with its $1bn senior unsecured issue.

Colombia’s finance ministry has appointed Ana Milena López Rocha as its new director of public credit and national treasury, replacing Michel Janna who stepped down in April.

Tonon Bioenergia became the latest Brazilian sugar and ethanol company to miss a bond payment on Thursday as low sugar prices continue to devastate the sector.

Rating agency Moody’s warned that Brazilian corporates are facing increased liquidity risk after Cimento Tupi missed a bond payment this week.

Ecuador took advantage of its falling bond yields in the wake of a rally in oil prices to reopen its dollar bonds due 2020 for a further $750m on Thursday.

Latam Airlines will seek to price a two tranche securitization on Thursday, in a structure common in the airline industry but never before seen in Latin America, according to bankers.

LATAM Airlines, the result of the 2012 merger between Brazil and Chile’s largest carriers, completed an investor roadshow on Tuesday ahead of a potential issue of enhanced equipment trust certificates (EETCs).

Brazilian cement company Cimento Tupi has missed a payment on its $185m senior unsecured notes due 2018 just eight months after tapping the bonds for a further $35m.

The first international new issue from a Brazilian borrower since November 2014 traded up around a point and half on Friday to leave the Latin American market wide open for other borrowers from the country.

Bondholders who showed faith in Pacific Rubiales could be spectacularly rewarded after Colombia’s largest private oil company entered into exclusive discussions with Grupo Alfa and Harbour Energy, who made a $1.7bn joint bid for the firm.

Votorantim Cimentos sold the first Brazilian cross-border bond of 2015 on Thursday but the reaction to the deal was concerned with the volatility in the euro market than any implications for Brazil.