Latin America

Interbank showed off the prowess of Peruvian issuers in international bond markets on Thursday as it topped up a dollar deal from the previous day with a nuevo sol tranche.

Ecuador sold $2bn of bonds on Tuesday in a surprisingly timed deal that triggered a sell-off in its existing bonds as analysts said the deal suggested the country’s fiscal adjustment was slower than expected.

Uruguay made the most of the low rate environment on Thursday to tap two bonds for a total of $1.055bn. It was part of a liability management exercise that the finance ministry said produced a nominal financial benefit of $87m.

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Stifel Nicolaus & Co, the brokerage and investment banking firm, has hired a head of emerging markets sovereign research from Oppenheimer & Co, GlobalCapital understands.

Peruvian lender Interbank issued $400m of bonds to buy back existing debt on Wednesday, and may also price global local currency notes.

Uruguay added $750m to bonds maturing in 2055 on Tuesday and looks set to increase its 2031s on Wednesday as part of a liability management exercise.

An unexpected bond issue from Ecuador sent its bond prices tumbling on Tuesday as some analysts saw the deal as a sign that the country was not delivering on its fiscal promises.

Corporación Nacional del Cobre de Chile (Codelco), the world’s largest copper producer, extended the run of well received long dated bonds from Latin American issuers as it notched $2bn of new funding in a dual tranche offering.

Brazilian food producer BRF will look to buy back more old bonds than initially intended after selling a larger than expected long 10 year note last week.

Brazilian food group BRF priced a new larger than expected 10 year at a tighter than excepted yield as Lat Am’s strong September continued apace after a one day break for the US Federal Reserve meeting on Wednesday.

A change in CEO slightly delayed Banco Votorantim’s return to bond markets but the Brazilian bank had no trouble finding demand when it announced a dual tranche on Tuesday nearly two weeks after the end of its roadshow.