LatAm Bonds

Transportadora de Gas del Perú (TGP) became the latest Peruvian company to take advantage of international debt markets for the first time, selling the largest ever bond from a corporate in the country.

Peruvian power transmission company Consorcio Transmantaro (CTM) has mandated Credit Suisse and Deutsche Bank as joint bookrunners for a potential debut international bond of up to $450m that is expected to have a maturity of 10 years.

The Republic of Panamá said it believed its first issue in the international bond markets since 2009 would become a new reference point for LatAm sovereigns after the borrower sold $750m of due 2053 notes on Monday.

Brazil’s Construtora Andrade Gutierrez (CAG) rounds off a debut dollar bond roadshow on Monday and could launch its transaction the same day. The construction company is aiming to follow Brazilian competitors OAS and Odebrecht, which sold stand-out dollar deals last week.

Brazilian ethanol producer Aralco postponed a debut Eurobond this week after releasing initial thoughts for a seven year non-call four deal. Bankers on and off the deal agreed timing not price was to blame, and are confident the borrower will be able to try again soon.

Mid-sized Brazilian lender Banco Fibra (Ba3/BB-) raised $150m of three year money in a Reg S deal late last week as it recovers from a difficult period in which expansion into consumer lending hit its earnings.

Latam Airlines Group tapped the dollar market on Wednesday with a rare UK export credit guarantee and launched a $137.7m 11 year deal through subsidiary Carpintero Finance, which will help fund the purchase of four new aircraft.

At least four Latin American companies were this week rounding off roadshows in preparation for dollar bonds. Brazil’s Construtora Andrade Gutierrez, Peru’s Ferreycorp and Chile’s Falabella are lining up debut deals and repeat borrower Transportadora de Gas del Peru is readying a 15 year benchmark.

Brazilian conglomerate Odebrecht closed a dual tranche deal in dollars and Brazilian real on Wednesday. Its engineering arm Constutora Noberto Odebrecht (CNO) will use the proceeds to fund a buyback, which is expected to improve the maturity profile and average cost of the company’s debt.

Brazilian construction company OAS doubled the initial deal size for its debut global bond on Thursday after luring in $5.5bn of orders with a structure attractive to private bank and other investors.