Latin America

Petrobras yet again asked certain bondholders to reduce their exposure to the company via a tender offer this week — and a sell-off in the Brazilian company’s bonds, after it announced a temporary cut in diesel prices, is likely to help the cause.

South American development bank CAF (Corporación Andina de Fomento) sold its first ever green bond this week, raising Ps150bn ($52.2m) of Colombian peso-denominated bonds.

South American development bank CAF (Corporación Andina de Fomento) sold its first ever green bond this week, raising Ps150bn ($52.2m) of Colombian peso-denominated bonds.

GlobalCapital announced the winners of its Bond Awards 2018 on Wednesday night at our 11th annual Bond Awards dinner, at the Jumeirah Carlton Tower in London. Some 280 people were there to see the brightest and best performers in the international bond markets in the past year crowned.

Conviction levels are low among emerging market investors with many waiting on the sidelines this week as geopolitical risk and local currency weakness persist in wreaking havoc on EM bonds.

Latin America syndicate bankers are dreading a moribund primary bond market this week despite the fact there are borrowers interested in issuing.

Nicolás Maduro’s comfortable and predicted victory in Sunday’s highly-questioned presidential elections in Venezuela have strengthened the president’s grip on power and reaffirmed the view of many bondholders that improvements in the crisis-stricken country are some way off.

Brazilian oil and gas giant Petrobras is asking certain bondholders to sell their paper in what would be its second $4bn tender offer of 2018.

All three major rating agencies gave a green light to Brazilian meatpacker JBS’s recent refinancing last week, saying that the new agreement with its lenders meant a significant improvement in the company’s liquidity position.

Two prospective bond issuers from Latin America cancelled their fundraising plans this week as external conditions raise borrowing costs for EM issuers.

Chilean state owned lender BancoEstado raised $200m-equivalent of debt in Asian markets this week to reach the half way mark of its $1.6bn medium-term funding needs for the year.

Mexican state owned oil company Pemex (Petróleos Mexicanos) raised €3.15bn ($3.722bn) across four tranches on Wednesday to provide some relief to a bruised and battered Lat Am bond market.