Latin America

Global Bank, the fifth largest bank in Panama, is looking to bond markets for the first time for two years, to finance a tender offer for a $550m bond maturing in six months.

Mexico timed its return to the European bond market on Monday extremely well, said DCM bankers, with risk-hungry investors allowing the sovereign to notch a €9bn book on the way to a dual-tranche deal.

A strong aftermarket performance from Millicom’s Paraguayan subsidiary the day after pricing showed that Latin American bond markets were hungry for new supply, despite growing concerns over Brazil.

Telefónica Celular del Paraguay (TeleCel), the Paraguayan subsidiary of pan-EM telecoms group Millicom International Cellular, returned to bond markets for the first time in over six years on Thursday.

A bond market keen for duration welcomed pulp and paper producer Klabin’s dual-tranche offering this week, but a stormy atmosphere for Brazilian names put the new issue concession higher than recent deals as investors began to seriously doubt the country’s economic prospects.

The Peruvian subsidiary of Spanish group Telefónica will begin investor meetings on Thursday as it plans what would be the first ever global nuevo sol deal from a non-financial Peruvian corporate.

Fitch has slashed the rating of Mexican textiles company Kaltex by three notches to CC, warning that the issuer could soon look to restructure its $320m senior unsecured notes maturing in April 2022.

Telecoms company Cable & Wireless, which operates mostly in the Caribbean, added $300m to its longest dated bond on Wednesday in a deal that received strong backing from US high yield buyers.

Klabin, the Brazilian pulp and paper company, returned to bond markets on Wednesday, taking advantage of a flattening yield curve to issue its first long bond, despite a bad day for Brazilian assets.

Telefónica Celular del Paraguay (TeleCel), the Paraguayan subsidiary of pan-EM telecoms group Millicom International Celluar, held investor calls on Wednesday as it prepared to tap bond markets for the first time in over six years.

Telecoms company Cable & Wireless, which operates mostly in the Caribbean, added $300m to its longest dated bond on Wednesday in a deal that received strong backing from US high yield buyers.

Clemente del Valle, the CEO of Colombian development bank Financiera de Desarrollo Nacional (FDN), will leave his post on April 12 after six years at the lender.