Latin America

Bond markets gave Uruguay’s inflation expectations a vote of confidence and underlined the sublime funding conditions available for EM issuers by piling into the South American nation’s longest ever nominal peso-denominated bond issue.

Pulp and paper producer Suzano Papel e Celulose reopened its 10 and 30 year bonds to the tune of $400m in total on Tuesday, becoming the first Lat Am issuer out of the blocks in September and the first of three pulp and paper companies from Brazil likely to issue this month.

At least eight Latin American corporates are meeting fixed income investors ahead of potential dollar trades next week, with Brazilian credits in particular apparently keen to make up for lost time.

The Province of Jujuy hit the road this week ahead of a potential inaugural international bond sale, but it is not clear how many of the growing list of likely Argentine issuers will come to market in the September rush.

Chilean oil and gas company GeoPark will look to sell new 144A/Reg S bonds to fund the buy-back of all its $300m 7.5% notes due in 2020.

Just three months after its first ever nominal global peso bond, Uruguay plans to return to debt markets on Thursday for a new peso-denominated note due March 2028.

As its peer Suzano sold $400m of 10 and 30 year bonds on Tuesday, Brazilian pulp producer Klabin announced plans for its first international bond deal in over four years.

Potential first-time issuer the Province of Jujuy could become the second Argentine green bond issuer after mandating two banks for a fixed income investor roadshow.

Pulp and paper producer Suzano Papel e Celulose reopened its 10 and 30 year bonds to the tune of $400m in total on Tuesday, sneaking into the market with a drive-by trade ahead of a long line of Latin America issuers that are meeting investors this week.

Empresa Nacional del Petróleo (Enap), the state-owned Chilean oil company, is looking to issue its first bond in a year shortly after escaping negative rating actions despite several downgrades to the sovereign’s rating.

Rodrigo Valdés, who was finance minister of Chile since May 2015, has resigned from his post over policy differences with the government.

EM specialist firm Exotix has hired a well-known corporate credit analyst to lead its coverage of Latin American companies from New York.