Latin America

Three Latin American companies managed to raise dollar bonds on Thursday in the face of challenging market conditions, but of the five that completed roadshows on Wednesday, one was left evaluating feedback, having announced guidance, and the other had not appeared.

Panama came from nowhere to lead a slew of Latin American credits marching to raise bond funding on Thursday, but the weight of supply coupled with a tricky trading session meant that results were as up and down as the recent market conditions.

Transportadora de Gas Internacional (TGI), the Colombian gas pipeline operator, ventured into bond markets six months after an initial roadshow on Wednesday with a new 10 year dollar bond.

South American multilateral lender CAF (Corporación Andina del Fomento) opened its first new line in Australian dollars for over a year on Thursday with a new five year benchmark.

Mexican state oil company Pemex returned to bond markets on Tuesday after weeks of speculation to find a wide open market and easily clinch a $2bn long 10 year broadly praised by bankers.

Transportadora de Gas Internacional (TGI), the Colombian gas pipeline operator, gave hope to those Latin American DCM bankers with dormant bond mandates on Wednesday as it received a robust response for a new 10 year deal.

Turkey made a successful return to international markets on Tuesday after six months away. The sovereign paid up for the privilege, but took an important step in returning financing conditions in the country to normal.

A long-awaited dollar deal from Mexican state oil giant Pemex gave proof that there was plenty of liquidity in Latin American bond markets as the borrower squeezed pricing on the back of a hefty book after putting out juicy price talk.

South American multilateral lender CAF (Corporación Andina del Fomento) is due to price a new five year bond in Australian dollars this week.

Transportadora de Gas Internacional (TGI), the Colombian gas pipeline operator, held investor calls on Tuesday as it considers a second attempt to issue internationally this year.

Brazilian infrastructure group Invepar will hit the road on Wednesday proposing the sale of a bond guaranteed by its two highest quality assets in order to finance an imposing domestic debt maturity.

Brazilian lender Banco Mercantil do Brasil is looking to buy back nearly a third of its only outstanding international bond via a tender offer.