LatAm Bonds

Chile plans to issue $3bn of sovereign debt for its state-owned copper company as part of ambitious plans to boost economic growth by raising output of the metal.

Sandrine Ferdane, BNP Paribas’s head of corporate coverage for Brazil, has been promoted to chief executive and country manager for Brazil, the bank said.

Venezuela has begun to pay the $4.5bn in debt maturity payments owed by the sovereign and by oil company PDVSA. But while bondholders may breathe more easily, analysts say devaluation is needed urgently as the country continues to suffer excess demand for dollars.

Latin America’s debt bankers believe that periods of volatility caused by US interest rate rises and secondary market illiquidity will not derail the stomping progress of the region’s cross-border bond market, which is set for another record-breaking year.

Mexico’s Pemex and Peru's InRetail timed their deals to coincide with two of the better days in markets in recent weeks. Bankers said the attractive pricing achieved by the borrowers showed the market was far from shut, but volatility is expected to remain despite the Federal Open Market Committee (FOMC) providing few surprises at its latest meeting on Wednesday.

Colombian private sector oil company Pacific Rubiales said it had met its target for an exchange offer even though fewer than a third of bondholders had participated.

Colombian private sector oil company Pacific Rubiales said it had met its target for an exchange offer even though less than a third of bondholders participated.

Peruvian retail group InRetail Consumer sold a heavily oversubscribed $300m seven year non-call four bond on Tuesday as LatAm new issues once again begin to resemble those deals sold during the bull market of midsummer.

The Central American Bank for Economic Integration (Cabei) priced its second offshore RMB (CNH) bond on Monday, October 6, opting this time for a Rmb500m ($81m) debut in Taiwan's Formosa market.

A sharp rally in Brazilian debt led a return to risk-on sentiment among investors in LatAm after the presidential candidate seen as the most market-friendly made it to the second round against incumbent Dilma Rousseff in the first round of Brazil’s presidential elections on Sunday.

Peruvian retail group InRetail Consumer may price a seven year non-call four bond as soon as Tuesday after completing a roadshow on Monday with bookrunners Citi and Credit Suisse.

Trinidad Cement, the Caribbean building materials company, which as recently as May roadshowed for an international bond, has halted payments on its loan agreements and therefore missed a debt service payment due on September 30.