Latin America

The largest dairy company in Argentina is looking at calling its existing 2021s in July after filing a new debt shelf, according to market sources in Buenos Aires.

Unigel, the Brazilian petrochemicals company, became the first Latin American corporate name to announce deal plans since early February, and bankers say this will provide a far tougher test of market sentiment than Paraguay's deal.

Land-locked sovereign Paraguay sold the first cross-border bond from a Latin American issuer in exactly a month on Thursday, but though bankers said the deal was positive for the market, they did not think the slim concession was a sign of things to come.

Brazilian energy company Petrobras has tapped the loan market for a $4.35bn revolving credit facility from 17 banks.

Paraguay wrapped up two days of investor meetings on Wednesday, and the South American sovereign will have New York bond syndicate desks wishing it the best of luck if it announces a new deal on Thursday — as expected.

Emerging market bond markets began with a softer tone on Wednesday after the resignation of Gary Cohn as Donald Trump’s economic adviser added to a more negative tone in global markets. Cohn is a supporter of free trade and opposed Trump's leanings towards protectionism.

French lender BNP Paribas has hired Deutsche Bank’s head of Mexican corporate client coverage as managing director and country head for Mexico as it prepares to obtain a banking license in the country.

Brazilian steel producer CSN will buy back $350m of existing bonds after concluding a tender offer for its 2019s and 2020s, though some investors think the company may come back with a more lucrative offer.

Unigel, the Brazilian commodity chemical producer, is planning a cross-border bond debut that would replace all of its existing debt, according to rating agency reports.

One of the Venezuela analysts most keenly followed by the country’s bondholders will lead opposition candidate Henri Falcón’s economic team in the run up to this year’s presidential elections, which the largest opposition party is boycotting.

After weeks of speculation, Paraguay will finally hit the road next week as Lat Am syndicate bankers point out that spreads in the region have recovered well after a turbulent month.

Recent hints from Ecuador’s finance minister Carlos de la Torre that the South American sovereign is considering a euro-denominated bond issue should be met with caution, according to a report from Quito-based Analytica Investments.