LatAm Bonds

Suriname, South America’s smallest country, has tabled an amendment to its debt act that includes a request to the finance minister to submit a debt restructuring plan.

Colombia will become the first country to ever draw funds from an IMF flexible credit line (FCL), the Fund’s facility for its star pupils. In these exceptional times, Colombia should ignore any stigma associated with tapping IMF funding and be applauded for healthy pragmatism.

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).

Colombian bank GNB Sudameris looked likely to price a Basel III-compliant tier two bond on Thursday at the second time of asking, but bankers said issuance windows were becoming narrower after another volatile day.

Fresnillo, the Mexican mining company, notched a first bond in seven years close to where bankers spotted fair value on Tuesday to reassure market participants that issuance are good for strong credits.

Bond buyers welcomed Brazilian retailer Lojas Americanas to international markets for the first time on Tuesday — showing that there is still strong appetite for the right debut issuers despite two fellow Brazilian companies cancelling first-time deals in recent weeks.

Chilean energy company Empresa Eléctrica Angamos has told GlobalCapital it has no intention of amending a tender offer for its senior secured 2029 bonds to satisfy a bondholder advocacy group that had labelled the deal “unfair”. Nearly two thirds of Angamos creditors have already participated.

Suriname has tabled an amendment to its debt act that includes a request to the finance minister to submit a debt restructuring plan.

Colombia will become the first country to draw down on an International Monetary Fund flexible credit line (FCL), its instrument for top quality borrowers. The government is likely to use the loan — rather than bond markets — to complete its external funding needs.

After a second Latin American borrower in a week pulled plans to issue a bond, bankers are suddenly concerned that the region’s idyllic issuance conditions may be over. But with two infrequent corporates, a Colombian bank and a debut high yield name preparing deals, the extent of the deterioration should be clear soon.

The Republic of Panama sold its largest ever bond across three tranches on Tuesday, clinching tight pricing on a new 12 year but appearing to offer value on a longer bond and a local law tap.

FS Agrisolutions Indústria de Biocombustíveis, South America’s largest corn-based ethanol producer, delayed pricing its debut dollar bond on Wednesday as emerging market credits endured a volatile day.