LatAm Bonds

Car rental company Movida became the third Brazilian company this year to sell a sustainability-linked bond when it raised $500m of 10-year debt with a coupon step-up linked to carbon emissions on Thursday.

Argentine oil and gas company YPF triggered a rally in its bonds this week by improving the terms of a proposed debt exchange that bondholders had initially rejected. Yet if the amendment was a sign of pragmatism from the government owned issuer, investors hardly saw it a reason for cheer, and yet another government related default is still on the cards.

Latin American development bank Corporación Andina de Fomento (CAF) offered the ideal combination of a safe haven on a volatile day and a positive yield in a low rates environment to notch its largest ever euro benchmark on Thursday.

Colombian state-owned oil and gas company Ecopetrol said it would issue new debt and equity to fund a proposed takeover of the government’s 51.41% stake in conglomerate ISA (Interconexión Eléctria), should the finance ministry accept its offer.

Latin American development bank CAF (Corporación Andina de Fomento) will pick either a five or seven-year maturity this week as it prepares its first benchmark in euros since May 2020.

Argentine oil and gas company YPF’s bonds rallied on Tuesday as markets acknowledged several improvements to terms on the company’s attempt to exchange all of its $6.228bn international bonds for new notes. But analysts were still undecided as to whether the amended offer would be enough for YPF to meet the necessary acceptance thresholds.

Mexican financing and leasing company Unifin Financiera returned to bond markets on Monday for the first time in 18 months, garnering sufficient demand to push the yield on its new $400m eight year into single digits.

Car rental company Movida is looking to become the third Brazilian company this year to issue sustainability-linked bonds (SLB), just two weeks after its parent company issued a similar instrument.

Brazilian waterway logistics services provider Hidrovias do Brasil will begin investor calls on Thursday as it looks to sell new bonds to finance a tender offer launched last week for existing bonds.

Credit Suisse has tapped a rival bank to fill a spot on its emerging markets syndicate desk in New York, GlobalCapital understands.

Three of the most active banks in financing oil exports from the Ecuadorian Amazon — an environmentally destructive industry with a long track record of trampling on indigenous people’s rights — have agreed to cease important parts of their financial support, after pressure from NGOs and a devastating oil spill in 2020.

Guatemala’s largest lender, Banco Industrial, returned to international bond markets on Friday after more than eight years away with a tier two deal that was more than three times oversubscribed.