Latin America

Puma Energy made a strong start for non-financial corporate issuers on Monday, making full use of investor familiarity with the credit — and some excess cash — to make its $750m market return.

Peruvian lender Interbank (Banco Internacional del Perú) is planning to raise $200m of new five year debt on Wednesday to become the first Peruvian borrower in the bond markets in 2018.

Bankers following Mexico’s second trade in less than a week said that the sovereign had managed to price its euro deal impressively tight to its dollar curve as the government wrapped up its funding needs for the year.

The United Mexican States has released price guidance on its first euro bond for over a year.

Puma Energy has returned to the debt markets to redeem its outstanding 2021s and in doing so will provide investors with a nice lump of cash to reinvest in a new offering of debt.

Hidrovias do Brasil, the Brazilian waterway logistics provider, will begin meeting investors on Wednesday as it plans a debut international bond sale.

Brazilian logistics firm JSL returned to dollar markets on Monday to tap the 7.75% July 2024 notes it sold in its debut deal in July last year.

Two corporate issuers are making early moves into the capital markets this year without waiting for sovereign issuers to establish benchmarks, showing the strength of funding conditions in emerging market debt, said bankers.

After Latin American issuers burst into the market in the first week of the year for the first time ever, Brazilian meatpacker Marfrig became the fifth company from the region to announce a roadshow and keep up primary market momentum.

Below-freezing temperatures in New York that left several EM bond market participants working from home on Thursday could not stop Latin American borrowers from bringing early heat to 2018.

Two Brazilian companies could tap international bond markets as soon as next week after announcing fixed income investor meetings.

The head of Mexico’s public credit office told GlobalCapital that the Latin American sovereign had been particularly keen to set a strong precedent for the country’s issuers after it kicked off a potentially volatile year with a $3.2bn blowout dual-tranche.