Latin America

The new bond issues may be flowing in emerging markets, but after weeks of volatility, the era of easy execution is over.

South America’s smallest nation, Suriname, suffered a rating downgrade late on Tuesday, due to Moody’s fears of a further erosion in the country’s fiscal metrics.

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Banco Supervielle, the Argentine lender, is looking to increase the size of its existing bond shelf from $800m to $2.3bn, according to a regulatory filing.

The UK Embassy in Peru and Bolsa de Valores de Lima (BVL), the Lima Stock Exchange, have launched plans for what would be the first green bond market in South America, following a similar initiative in Mexico.

Mexican state-owned giant Pemex will buy back $1.8bn of old bonds in the second leg of a liability management exercise funded by its recent bond issue.

New issue markets in Latin America took a pause this week, but DCM bankers covering the region were not overly concerned as recent deals issued amid the volatility began to gain ground.

Two Latin American companies on the path to recovery from precarious situations have found themselves somewhat stuck in their liability management efforts because of tougher conditions in new issue markets.

As investors turn their eyes to Mexico’s forthcoming presidential elections, Fitch said the country’s economic and fiscal resilience would be tested this year.

As investors turn their eyes in earnest to Mexico’s forthcoming presidential elections, Fitch said that the country’s economic and fiscal resilience would be tested this year.

Peruvian agricultural company Camposol has cancelled a tender offer for existing notes after market conditions led it to delay a new bond sale, but Lat Am bankers are not overly pessimistic about prospects for primary markets.

Aluar, the Argentine aluminium producer, will look into the possibility of issuing local or international debt after the company’s board of directors approved a $300m bond shelf.