Latin America

Brazilian meatpacker Marfrig will meet US bond investors next week as it looks to take condition of plentiful demand for assets to finance a buy-back of existing bonds.

Latin American bond buyers finally had some proper supply to soak up demand after two weeks without the kind of paper that tends to attract EM investors.

The US business of Brazilian meatpacker JBS gained further traction in bond markets this week as it looked to improved its liquidity position with its second bond issue of the month on Tuesday, part of a liability management exercise.

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Argentina and Turkey are firmly established as volatile names in emerging market credit. Both sovereigns have political and economic issues that place them in the highly vulnerable bracket.

Two companies could bring some life to Latin American bond markets on Thursday amid a quiet period for new issues despite apparently supportive conditions.

Chilean firm Moneda Asset Management, one of the most important investment houses in Latin America, has appointed its head of institutional clients as CEO after Antonio Gil Neivas resigned to join Stanford University’s executive programme.

More evidence of the strength of demand from Swiss retail investors for attractive coupons was provided last week when Luzerner Kantonalbank (LuKB) priced an additional tier one (AT1) transaction shortly before the Easter break. Led by LuKB and ZKB (sole structurer), and priced at a coupon of 1.8%, this non-call 6.5 year deal raised Sfr250m.

The US business of Brazilian meatpacker JBS continued to improve its liquidity position with its second bond issue in April on Tuesday. It reopened three existing bonds as part of a liability management exercise.

Chilean pulp and paper company Celulosa Arauco y Constitución is likely to perk up the Latin American bond markets this week as it weighs up the sale of new bonds to finance a tender offer.

Santander’s S3 business is set to join up with Crédit Agricole’s CACEIS, as the two banks look to merge their custody and asset servicing operations, a growing area of revenue for banks.

Just one Latin American issuer comprises the visible new issue pipeline, though bankers say market conditions continued to be favourable during the short working week.