LatAm Bonds

Banco Santander Chile sold its second Swiss franc deal of the year on Tuesday, pricing the six year debt comfortably inside the trading of its other bonds in the currency. Swiss franc investors are becoming increasingly comfortable with Chilean credits, with Santander's deal being the sixth from the country this year.

Mexico’s TV Azteca has picked banks for a roadshow and could launch a Reg S dollar bond later this month.

A bevy of SSA borrowers looked to take advantage of a short window for issuance in dollars this week, after Labor Day on Monday and ahead of non-farm payrolls on Friday. Several more are eyeing next week for deals, ahead of the Federal Open Markets Committee meeting on September 17-18.

Adam Tyrell, managing director and head of capital markets Europe at Standard Chartered Bank, is being seconded to the Bank of England’s financial stability team from the second half of this month. He is expected to be with the Bank of England for around 12-18 months and return to Standard Chartered after that.

Marfrig Alimentos has launched a tender offer for its outstanding 2016s and is asking bondholders for permission to remove covenants on the same notes. The Brazilian food processor recently picked banks for a long dated Eurobond in an effort to increase the maturity of its debt profile. The same banks are managing the tender offer.

América Móvil is the first emerging market issuer to test investor appetite this month ahead of the next Federal Open Market Committee meeting on 17-18 September. The Mexican telecoms company is an ideal name to gauge sentiment and has released price guidance on a triple tranche hybrid transaction across euros and sterling, said debt bankers.

Supranationals and agencies placed a flurry of Kangaroo deals this week, as the market showed no sign of calming after a busy month.

Over-bloated sector teams have suffered as investment banks have cut their coverage efforts to reduce costs. David Rothnie reports on whether they have gone for good.

Argentina outlined a new debt plan this week after the New York Appeals Court ruled that the sovereign must pay the holdout bondholders who refused to participate in two earlier restructurings if it pays holders of its restructured debt. But analysts think elements of the plan are unworkable and have only served to increase uncertainty over how the situation will be resolved.

Colombia’s Ecopetrol has kicked off what should be a string of announced mandates as the Latin America market gears up for its September restart. The oil and gas company named bookrunners for a bond issue expected to be up to $3bn.

Barbados has chosen banks for a bond deal of up to $500m coupled with an liability management exercise, according to LatAm debt bankers.

Marfrig Alimentos has picked banks for a $750m bond deal, which syndicate officials away from the transaction expect to be at least seven years in duration. But the single-B rated borrower will have to wait for others to re-open the LatAM market, they said.