Latin America

Brazilian investment bank BTG Pactual sold senior debt abroad for the first time in nearly two years on Tuesday, opting to push on despite volatile conditions as trade fears again worry investors.

Market participants expect Uruguay’s new centre-right government to tighten fiscal policy, but rating agencies believe doing so will prove a difficult balancing act.

Peru will buy back a portion of local currency bonds maturing next year after nearly a third of the holders of the notes agreed to participate in a tender offer, bringing the sovereign’s latest liability management exercise to a close.

Prices on Ecuador’s government bonds began to recover this week as investors and analysts said that the debt had been over-sold after President Lenin Moreno’s economic growth law was rejected last week.

Bond buyers and bankers said that a relatively quiet year for financial institution issuance in Latin America should ensure a warm reception to three banks from the region which are lining up bond deals.

Bonds issued by Mexican polyethylene producer Braskem Idesa were heavily bid on the break as investors said that the deal had been priced at a very attractive level versus comparable securities.

As Latin America's international bond markets took an extended break for the US Thanksgiving holiday, a Brazilian lender is set to give investors more food for thought in December with a senior unsecured issue.

Colombia’s largest lender, Bancolombia, became the second Latin America bank in two days to announce new issue plans on Tuesday. Similar deals could follow, say DCM bankers.

Mexican polyethylene producer Braskem Idesa clinched a debut bond issue on Monday, as potential positive credit triggers and highly attractive pricing outweighed doubts regarding a supply contract with Pemex.

Brazilian investment bank BTG Pactual will begin fixed income investor meetings on Wednesday ahead of a proposed senior unsecured bond that market participants expect will be well received.

Barbados is on the brink of completing an 18 month long debt restructuring after bondholders supported an exchange offer that the government said will cancel $200m of debt.

Chilean mobile phone operator WOM approached bond markets for the first time on Thursday seeking $450m of senior unsecured notes to refinance its existing capital structure and complete a dividend recap.