Latin America

Two Mexican chemical manufacturers announced roadshows this week, with both Mexichem and Cydsa planning to wrap up meetings on September 26.

Argentine finance minister Luis Caputo said that Argentina would issue two further international bonds in 2017 although it will likely avoid the dollar market, where it has raised over $9.5bn of funding so far this year.

Mexican cement company Cemex and Chilean electricity name Colbún both launched tender offers of existing bonds this week, planning to buy back old notes with cash.

A strong aftermarket performance by the latest debut international bond from an Argentine province should encourage more local governments to follow suit.

Corporate issuer debuts and long awaited sovereign market returns have given emerging market investors an array of trades to look at this week, surprising some who thought they were in for little more than watching the US Federal Open Markets Committee meeting on Wednesday.

Mexican cement company Cemex will look to buy back as much of its 9.375% senior secured 2022s as possible after announcing a tender offer for the bonds.

Mexico chemicals company Mexichem is planning a return to international bond markets, according to syndicate bankers, as part of its acquisition of Israel drip irrigation firm Netafim.

Central American development bank Cabei’s acting head of capital markets is moving to Washington, DC to become lead funding officer at the Inter-American Investment Corporation (IIC) in the treasury division.

Brazilian state oil giant Petrobras returned to bond markets on Monday with a liability management driven trade that bankers say should hit $6bn at least once a concurrent exchange offer is completed. But the deal traded down in the grey market — to the surprise of many.

Venezuela replaces the dollar with the renminbi as the quoting currency for its oil exports, the People’s Bank of China says bankers are confident about the Chinese economy, and the Shenzhen-Hong Kong Stock Connect sets a new record in turnover volume.

Latin American oil and gas company GeoPark sold $425m of seven year non-call four notes last week, with the first leg of a concurrent tender offer due to expire on Tuesday.

More than 65% of the holders of Brazilian mining giant Vale’s 4.625% 2020s agreed to sell their bonds before last week’s early-bird tender deadline.