LatAm Bonds

Patience, timing, confidence and precision. Brazil’s football team may have lacked these attributes in the recent world cup, but the liability management exercise that the sovereign carried out on Wednesday earned praise for showing these very factors.

Chilean natural gas terminal operator GNL Quintero (GNLQ) is expected to announce its debut 144A/Reg S dollar bond on Thursday after completing investor meetings on Wednesday.

US district court judge Thomas Griesa on Tuesday declined to grant Argentina a stay of execution on his decision to force the sovereign to pay holdout bond investors in full — leading investors and analysts to predict the South American nation would enter technical default on July 30.

Peruvian fishmeal and fish oil producer Corporación Pesquera Inca (Copeinca) is asking its bondholders to agree to changes in its indenture that will allow owner China Fishery Group more freedom over the company.

Last week’s new bond issues from Latin America performed anywhere from poorly to flat in the secondary market as signs emerged that conditions in the region’s bond markets are beginning to soften.

Unifin Financiera demonstrated the continuing good form of the LatAm high yield market and reinforced the demand for Mexican non-bank lenders as issuers in the bond markets with a five year debut that priced between its peers Findep and Crédito Real.

Mexico issued its first Samurai bond without the assistance of the Japan Bank for International Co-operation (JBIC) in 14 years on Tuesday, breaking pricing and maturity records.

Chilean natural gas terminal operator GNL Quintero will begin investor meetings on Friday ahead of a potential debut 144A/Reg S dollar bond issue, extending a busy start to the second half of the year for Chilean issuers.

Chilean telecoms company Entel sold $800m of 12 year bonds, of which half amortise after 11 years, on Thursday in the face of headwinds from rating agencies and a choppier market.

Caixa Econômica Federal sold the first Basel III compliant tier two bond from a Brazilian issuer on Wednesday, but the government owned development bank is unlikely to trigger a flurry of copycat deals.

Celulosa Arauco y Constitución, the Chilean pulp producer and second largest company of its kind in the world, sold $500m of 10 year bonds at a new issue premium seen as flat to negative by DCM bankers.

Unifin Financiera drew out the good form of the LatAm high yield market as well as reinforcing the prominence of Mexican non-bank lenders as issuers in the bond markets with a five year debut that priced between its peers Findep and Crédito Real.