LatAm Bonds

The bond market’s healthy appetite for Argentine corporate issues was displayed again on Wednesday, as road concessionary Autopistas del Sol (Ausol) sold $220m of amortising senior 10 year bonds.

Standard & Poor’s upgraded Brazil’s foreign currency sovereign debt to BB+, one notch away from investment grade, on Wednesday, prompting a surge in the Brazilian real and the stockmarket. Yesterday (Thursday) 12 financial institutions were also upgraded, moving the prices on Brazilian bank bonds.

Venezuelan president Hugo Chávez’s declaration that he intends to withdraw the country from the International Monetary Fund has thrown bond investors into a spin.

Joint bookrunners Credit Suisse, Deutsche Bank and BBVA priced the first tranche of a two part transaction for BBVA Bancomer yesterday (Thursday).

The World Bank is poised to issue its first benchmark bond in euros since the currency was introduced. Investment banks are bombarding it with offers to lead manage this prestigious deal.

Argentine corporate issuers have been making a showing in the New York bond markets, with two issues — from Transportador de Gas de Sur (TGS) and shopping centre firm Alto Palermo SA (APSA) — priced this week.