LatAm Bonds

Banco Hipotecario, the Argentine bank focussed on mortgage and consumer loans, will swap nearly 47% of its dollar bonds maturing on November 30 for new 2025s and cash. Fitch says it understands the central bank — which in September announced restrictions on hard currency debt refinancing — has approved the deal and that Hipotecario will be able to access a sufficient amount of dollars to carry out the swap.

Chilean copper mining company Antofagasta, the longest continuously listed company on the London Stock Exchange, clinched its first international bond on Thursday as Latin American bond markets continued their recovery from recent wobbles.

Mexican state-owned oil company Pemex offered a winning mix of liquidity and yield on Thursday when it made its first visit to the bond markets since January with a deal that was smaller and shorter in maturity than its usual offerings.

Chilean energy company Empresa Eléctrica Angamos will repurchase nearly 80% of its bonds due 2029 after achieving strong participation in a tender offer despite the complaints of one bondholder advocacy group.

The Commonwealth of the Bahamas set initial price thoughts on a new 12 year bond on Wednesday. The deal is set to test demand for riskier emerging market credit. Pricing is expected on Thursday.

Costa Rica’s bonds have fallen this week after the government cancelled a proposed tax hike that it was planning to bring to discussions with the IMF. The bonds could still be vulnerable as analysts say there remain questions over the viability of a programme with the Fund.

Chilean energy company Empresa Eléctrica Angamos will repurchase nearly 80% of its bonds due 2029 after achieving strong participation in a tender offer despite the complaints of one bondholder advocacy group.

The Commonwealth of the Bahamas could tap bond markets later this week to fund budgetary spending, GlobalCapital understands.

Antofagasta plc, the Chilean copper miner that is the longest continuously listed company on the London Stock Exchange, began investor calls on Monday as it turned to bond markets for the first time.

Business services company Atento became the fourth Latin American credit in recent weeks to cancel borrowing plans on Friday, blaming “unfavourable” market conditions as it postponed a proposed liability management exercise.

Latin American bond bankers were receiving mixed messages from primary market activity this week as Colombian bank GNB Sudameris cancelled a proposed tier two deal but two other companies notched strong deals.

The Province of Mendoza has become the first Argentine province to complete a restructuring of its international bonds this year after a proposal, amended twice, achieved enough backing to trigger the collective action clause (CAC).