LatAm Bonds

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.

Brazilian retail group Lojas Americanas began calls with investors on Wednesday as it looks to sell a benchmark dollar bond with an intermediate maturity.

The Republic of Panama returned to bond markets for the first time in six months on Tuesday to raise $2.575bn of funding across three tranches — including a tap of its Euroclearable local law 2026s that offered a higher pick-up to the global curve than when the instrument was debuted in April 2019.

Fresnillo plc, the Mexican mining company, will begin meeting fixed income investors on Wednesday as it becomes the latest Latin American company to seek new bonds to fund a repurchase of old ones.