LatAm Bonds

Industrias Peñoles, the world’s largest producer of refined silver, began investor calls on Wednesday ahead of a proposed $600m bond issue with the Mexican mining company largely unaffected by the impact coronavirus pandemic.

The chief financial officer of Panama’s second largest bank, Banistmo, told GlobalCapital that Wednesday’s bond issue was a sign of investor confidence not only in the issuer but in the prospects for the country, as economists say they expect it to be one of the outperformers in Latin America.

The Central American Bottling Corporation (CBC), a major bottler and distributor for drinks giants PepsiCo and AmBev, raised $200m of funding in bond markets on Tuesday in an effort to refinance debt and support its cash balance.

Banistmo, Panama’s second largest lender tightened pricing sharply on a seven year bond on Tuesday as bankers said the market was still in excellent shape, though others thought the bank had been too conservative with its pricing strategy.

In recent weeks, Argentina’s PR agency has been cramming the inboxes of financial journalists as the government goes on the attack in an apparent attempt to guilt-trip dissenting creditors into accepting its restructuring offer.

The Inter-American Development Bank (IADB) said on Monday that it would elect its next president virtually in September as it rescheduled its annual meetings for the second time.

After Argentina said on Saturday that it was looking at improving the legal — but not financial — terms of its latest exchange offer. Dissenting bondholders have united further and now say they hold more than half the sovereign’s outstanding notes.

Brazilian food group BRF wrapped up a now rare cash tender for existing bonds on Friday, buying back just under $300m of debt.

Government-owned lender Banco Nacional de Panamá could debut in bond markets this week after mandating for a Reg S-only guaranteed deal, GlobalCapital understands.

Latin American bond bankers say they expect new issuance to come at a calmer pace for the next few weeks, with just two Brazilian companies the only borrowers from the region to venture into primary markets this week.

Ecuador publicly took on dissenting bondholders this week, after a debt restructuring that some major institutional investors consider to be exemplary proved to be not to everyone’s liking.

Banco BV, the banking arm of Brazilian conglomerate Votorantim, raised $500m of five year senior unsecured bonds on Wednesday in a deal well supported by retail, local and Brazilian bank buyers as well as the usual EM-dedicated institutional accounts.