LatAm Bonds

Panama’s bonds traded lower on Wednesday, a day after Moody’s became the third agency to place the sovereign’s rating on negative outlook. Moody’s highlighted, however, that Panama’s broad bond market access remained a key credit strength.

Frigorífico Concepción, the Paraguayan beef exporter, raised $40m in bond markets on Wednesday after a three-day sales process.

Brazilian oil company Petrobras will continue the rapid reduction of its debt burden after completing a tender offer under which it will spend $1.95bn on repurchasing existing bonds.

Bolivia’s dollar bonds traded lower for a second consecutive day on Tuesday as left-wing former finance minister Luis Arce looks set to assume the presidency. However, some argue that Arce is the best candidate for market stability, at least in the short term.

emerging market telecoms company Millicom International Cellular notched a bumper order book on Monday as it raised $500m to refinance a bond maturing in 2025. After a tough allocation process, the bond traded strongly in the grey market.

Brazilian foods company BRF increased the size of a tap of its recently issued 2050 bonds on Monday, issuing at exactly the same reoffer level as a month ago.

Frigorífico Concepción, the Paraguayan beef exporter, could return to bond markets this week with a tap of its 10.25% senior secured notes maturing in January 2025.

As even the IMF asks Mexico to spend more to prop up the economy during the Covid-19 crisis, deputy finance minister Gabriel Yorio denied accusations that the country’s forthcoming budget was austere. Despite concerns in the market about the lack of policy support for the economy, some investors see value in the country’s bonds.

Latin America’s bond bankers said that the primary markets remain open, but investors will see limited new paper after Petrobras sold its smallest bond in several years this week.

Brazilian state-owned oil company Petrobras returned to bond markets on Tuesday as part of a debt reducing liability management exercise as the issuer continues to lower its bond outstandings.

Colombian natural gas distributor Promigas could return to bond markets a year after its debut as it mandated banks for a reopening of its 2029s.

The Argentine City of Córdoba on Monday said it was still negotiating with a creditor group holding “a significant amount” of its $150m international bond, but that it had not been able to reach an agreement before non-disclosure agreements expired.