Latin America

Argentine state-owned oil and gas company YPF is looking to buy back all of its dollar bonds due in December, offering a small premium over face value.

Jamaican telecoms group Digicel has extended the early bird deadline of its distressed debt exchange as it talks to bondholders about its liability management plans.

A positive day for Argentina’s bonds on Thursday did not reverse its inverted yield curve in dollars as analysts say investors are becoming ever more concerned about the country.

Brazilian pulp and paper company Suzano’s decision not to announce a deal the day after finishing an investor roadshow this week left bankers wondering exactly which Latin American issuers would find conditions ripe for a new deal.

Jamaican telecoms group Digicel is “undermining” its position with creditors by pushing ahead with a bond exchange that rating agencies have deemed as distressed, Fitch Ratings said.

Bond bankers covering Latin America will have all eyes on Brazilian pulp and paper company Suzano on Thursday as it could become the first company from the region to issue in dollar markets in nearly two months.

Emerging market bonds are still under pressure from macro factors, but investors have plenty of capital markets business to keep an eye on as the pipeline, particularly in the Middle East, swells with deals.

The Chilean arm of Spanish lender Santander returned to bond markets on Tuesday with a Sfr115m ($118m) Swiss franc bond maturing in five years and three months.

Jamaica telecoms group Digicel saw its bonds slump after markets reopened on Tuesday as agencies slashed its credit ratings on the back of a bond exchange aimed at giving the issuer more time to deleverage.

Argentina’s plan to accelerate its fiscal adjustment left some Buenos Aires-based analysts satisfied on Monday, but all eyes will be on the reopening of the US market on Tuesday to know whether the government has won back the confidence of markets.

As Argentine bonds finally found a floor last Friday, analysts said that the big adjustment in the Argentine peso may have happened. But the week of volatility drove S&P to become the first rating agency to take action on the sovereign since the turmoil began.

An unprecedented vote of confidence from the International Monetary Fund (IMF) and an unprecedented level of monetary tightening were not enough to arrest a slide in Argentine assets this week, leaving markets fearing the worst.