LatAm Bonds

Just days after Ireland and Italy staged a spectacular comeback with syndicated euro transactions, bankers are already discussing the possibility of the same issuers trying their hand in dollars. And while some believe it would be a step too far for Italy in the near term, the idea of an Irish dollar has struck a chord with bankers and investors.

Goldman Sachs has announced a deal for high yield credit Atento, the customer services outsourcing company that private equity Bain Capital acquired from Telefónica in October.

Latin American sub-investment grade companies are capitalising on a hunger for higher yielding paper following a rally in secondary prices, with market participants saying it is easier than ever for LatAm borrowers to make international debuts.

Bank Nederlandse Gemeenten’s splash in 10 year dollars this week and the more muted response to the expensive trio of development bank deals is creating opportunities for issuers that may not have considered printing dollars so early in the year. One such is Cades, which typically opens its funding programme with a euro benchmark, but this year may print dollars first.

Colombian state-owned development finance agency Findeter is planning its first ever international bond issue for the second half of 2013 as it looks to diversify its sources of funding, according to an official at the company in Bogotá.

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Brazilian high yield is in the midst of a busy couple of days after Brazilian meatpacker Marfrig (B2/B) priced $600m of senior notes due in 2017. Fellow Brazilian cattle produce company Minerva (B2/B+) is set to price a $500m 2023 issue on Thursday, as is debut issuer Tonon Bioenergia (B/B), the sugar and ethanol producer hoping to sell $250m of 2020 bonds.

Struggling Mexican telecoms company Axtel said on Tuesday that it had gained the support of its two largest bondholders for an exchange offer after improving the economics of the deal for investors.

Colombian state-owned development finance agency Findeter is planning its first ever international bond issue for the second half of 2013 as it looks to diversify its sources of funding, according to an official at the company in Bogotá.

Bankers close to the deal said that Empresa de Telecomunicaciones de Bogotá (ETB) was very happy with the result of its first foray into the international bond markets as it priced a 10-year $300m-equivalent Colombian peso 144A issue at par with a coupon of 7%.