Latin America

The Brazilian sovereign continued a busy period for the country’s issuers with a tap of its existing 30 year bonds on Thursday as bankers said that borrowers from the country were rushing to issue ahead of elections later this year.

Bondholders appear to have brushed off any concerns about the Ecuadorean government’s intention to audit existing debt as the sovereign clinched its largest ever bond issue on Thursday at the tightest yield in its history.

Brazilian waterway logistics provider Hidrovias do Brasil drew a raucous reception for an international bond debut on Wednesday as the Brazilian company was able to price just inside where Rumo — its closest comparable — issued last week, though just wide of where Rumo was trading.

Government-owned water utility AySA (Agua y Saneamientos Argentinos) joined energy companies Genneia and MSU Energy in the pipeline on Thursday as this year’s corporate supply from Argentina looks set to start next week.

Meatpacker Marfrig and airline Gol both completed tender offers for existing bonds this week as Brazilian issuers up the pace of capital market activity at the start of an election year.

Hidrovias do Brasil, the waterway logistics provider, drew a raucous reception on its international bond debut on Wednesday as the Brazilian company was able to price just inside where Rumo — its closest comp — issued last week, though just wide of where Rumo was trading.

Energy companies Genneia and MSU Energy will begin meeting bond investors this week as they look to become the first corporates from Argentina to tap cross-border debt markets this year.

Gol, the Brazilian low-cost airline, will buy back $21.3m of its outstanding 2020s after wrapping up a tender offer.

Carlos Vargas, managing director in Latin American DCM at Mizuho Securities USA, has left the bank, GlobalCapital understands.

Genneia could return to international bond markets soon, according to market participants in Argentina, after the energy company’s board approved an increase of its global bond programme.

After Latin America made a record start to 2018, bankers expect primary supply to keep flowing at a strong pace —despite investors already fretting about the tight pricing on new deals.

The co-founder of emerging markets broker Torino Capital has joined a hedge fund as portfolio manager — just over half a year after he left the business he built.