LatAm Bonds

Banco de los Trabajadores (Bantrab) is planning to raise $100m of subordinated debt by issuing pass-through notes secured by a loan from Deutsche Bank in a similar structure to its senior unsecured debt.

Corporate issuers from Chile, Colombia and Uruguay are among those expected to tap international debt markets in coming weeks as low Latin American new issue supply — thanks to the absence of Brazilian companies — is making investors hungry for new bonds.

BBVA’s Colombian subsidiary rode on the scarcity of LatAm FIG paper and local recognition to price tightly a $400m subordinated tier two deal on Thursday.

Pemex proved all the benefits of treating European investors right on Tuesday, with its first dual tranche issue in euros and largest ever transaction in the currency.

BBVA's Colombia subsidiary could issue as soon as Thursday after completing meetings with investors on Wednesday ahead of a planned subordinated tier two bond.

Empresa Eléctrica Guacolda is looking to become the latest Chilean power company to tap international bond investors for funds and will start a roadshow next week ahead of a potential senior unsecured deal.

Mexican oil company Pemex became the latest Latin American borrower to take advantage of ultra-low borrowing costs provided by ECB president Mario Draghi, following its owner the Mexican government into the euro-denominated bond market.

State oil company Ecopetrol has received authorisation from the Colombian finance and public credit ministry to sell up to $3.175bn of bonds in international capital markets.

Panamanian lender Global Bank re-opened its 2019s for a further $150m on Tuesday as bankers said low new issue volumes were creating extremely friendly conditions for borrowers.

Petróleos Mexicanos has tightened price guidance for its dual tranche euro bond as combined books for the seven and 10 year deals hit €5.25bn.

LatAm bond bankers have received reverse enquiry from certain US institutional investors looking to buy a new Petrobras deal, according to DCM officials.

Mexican Manuel Medina-Mora’s retirement from his positions as CEO of Citi’s global consumer bank and chairman of Banamex has indirectly led to the US bank naming a new CEO for Latin America and expanding the responsibilities of that role.