Latin America

Luis Caputo, Argentina’s finance minister, said that the sovereign will raise $30bn of new debt across domestic and external markets in 2018, as the government intends to continue reducing its financing from the central bank.

Brazilian low cost airline Gol is set to buy back more bonds after investors owning $21.191m of its existing 9.25% 2020s agreed to sell their notes as part of a tender offer launched on December 14.

A new dollar benchmark could be on the cards for multilateral lender Central American Bank for Economic Integration (Cabei), the bank’s CFO told GlobalCapital on Wednesday, as the issuer looks to increase its appeal to traditional SSA investors by gaining double-A ratings.

Top emerging market bond investors are warning that making strong returns will be much more difficult in 2018, as elections and interest rate risk introduce more volatility into the markets.

One of Argentina’s poorest provinces is considering returning to international bond markets in January, according to buy-side sources in Buenos Aires.

Former president Sebastián Piñera won Chile’s elections on Sunday to book himself a second stint in charge of the Latin American country with the best credit rating. But though Chilean bonds rallied marginally on the news, analysts say the incoming leader faces a struggle to make significant policy changes.

Latin American trade finance lender Bladex has promoted from within after the departure of its chief financial officer.

Brazilian low-cost airline Gol has announced its latest liability management efforts: a $50m tender offer for its outstanding 2020s and a redemption of three small bonds issued as part of a distressed debt exchange last year.

Rutas al Mar, the toll road being built between Colombia’s Antioquia and Bolivar states, became the third concessionaire in the country’s 4G infrastructure project to issue bonds last week.

Bankers and investors covering Latin America were grateful this week for the end of a hectic year in which unprecedented levels of issuance have sprung from the region, with strong conditions set to continue in 2018.

Mexican payroll lender Alpha Holdings sold its inaugural cross-border bond deal on Tuesday, becoming the latest in a growing group of Lat Am non-bank lenders to have issued internationally.

Colombian asset prices hardly budged this week after Standard & Poor’s brought the South American sovereign — once an EM darling — within one notch of junk status.