LatAm Bonds
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Colombia’s oil sector could provide a double dose of new issues as pipeline company Ocensa prepares a debut deal that investors expect to be priced just wide of its parent Ecopetrol, which itself has just approved a new international bond issue. -
Peruvian agribusiness Camposol is looking to price a tap of its 2017s later in the week as traders say the market remains supportive to LatAm issuers.
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Brazilian cement company Votorantim Cimentos completed its second debt liability management exercise of the year last week after nearly 60% of investors holding the company’s €750m notes due 2017 agreed to sell their paper.
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Brazilian copper company Paranapanema’s decision to wait on a new bond issue should not impede a return of new issue activity to Latin America debt markets on Tuesday, said investors on Monday.
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Liability management transactions continue to dominate Brazilian bond supply, with regulars Braskem and Votorantim raising money for buybacks on Wednesday.
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Santander’s Chilean arm, the largest bank in the South American country, issued in its fifth currency of the year this week as it became the second borrower — and first from Latin America — to raise money in the Tokyo Pro-Bond market.
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Paranapanema Netherlands, the Brazilian copper producer’s Dutch subsidiary, opened books on a debut dollar deal on Wednesday morning.
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Brazilian cement company Votorantim Cimentos closed books on a seven year euro transaction on Wednesday and will use the proceeds to fund a tender offer.
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El Salvador-based telco Telemovil will buy back $139m of its outstanding dollar-denominated bond due 2017, according to its parent company Millicom.
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The faintest signs of more market friendly policies could lead to further gains in Venezuelan bonds that have rallied in the last two months as investors look for yield. Many investors say they remain unconvinced by the country, but analysts have found reasons for optimism.
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Both of Thursday’s new bond issues from Latin America traded up on Friday as the rally in the region shows no signs of slowing. And bankers heard at least two new borrowers were planning deals to take advantage of strong demand for LatAm credit.
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BBVA Chile became the first triple-B rated Chilean financial to tap the Swiss franc market on Thursday, illustrating Swiss investors' increasing ease with Latin American financials.
