LatAm Bonds

Maxcom has launched a tender for its $200m 2014s after the US bankruptcy courts approved the Mexican telecoms company’s pre-packaged Chapter 11 bankruptcy. None of the parties involved voted against the plan.

Colombian oil company Ecopetrol attracted a book of $11.9bn for the $2.5bn of international bonds it sold on Wednesday. It was the company's second ever bond sale.

After Intesa Sanpaolo Vita — the Italian lender’s life insurance unit — hit the subordinated debt market on Tuesday, Credit Suisse followed suit with a euro-denominated Coco on Wednesday. Crédit Agricole’s Coco was delayed by a last minute documentation change, but the FIG markets are on a roll, with SEB and Macquarie bringing senior trades.

With Belgium and Italy both having sold long-dated debt in the last week, Spain is now said to be looking at a 50 year deal of its own. If the Spanish Treasury does go ahead, it will not be the only sovereign looking at the far end of the curve, with a new 2068 inflation-linked Gilt due from the UK the week after next.

Colombian state-owned oil company Ecopetrol will allocate its second ever international bond deal on Wednesday as investors said the spread on the triple-tranche jumbo had been set.

Russia and South Africa have given their sovereign peers a superb demonstration of the deal sizes on offer in the CEEMEA market. The Russian Federation launched a long awaited multi-tranche bond taking $6.96bn across euros and dollars, while South Africa printed a well oversubscribed $2bn deal. Bankers hope the two transactions will encourage the long line of countries considering deals to follow, but both deals also made clear the need for big new issue concessions.

Peruvian holding company Inkia Energy’s $150m tap of its 2021s was Monday’s only new issue from Latin America as the market struggles to hit its September stride as bankers had hoped, despite a bulging pipeline of at least eight new deals.

América Móvil crossed currencies and asset classes this week. The Mexican telecoms group raised €2.095bn of hybrid capital in euros and sterling to bring down its leverage ratio, and still found time to reopen the Latin American dollar market with a short dated benchmark.

Mexico’s TV Azteca is planning a bond deal of up to $600m and has picked banks for a roadshow starting on Friday.

Dealogic league tables of loans transactions, September 5, 2013.

Dealogic league tables of bond transactions, September 4, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

Dealogic league tables of bond transactions, September 4, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.