Latin America

Some EM bond investors said that they were interpreting the drop in Venezuelan bond prices on Wednesday as a buying opportunity, saying that it was unlikely that the US would block all trading in the securities.

Chilean copper miner Codelco completed the second leg of its tender offer on Tuesday, bringing the total amount of debt that it has repurchased using proceeds from last month’s new issue to $2.357bn.

Investors were unperturbed by the first outflows from EM funds since 2016 last week, adding that some sources still recorded inflows, but noted that after good returns this year, they were happy to take less risk for the rest of the year.

Credit Suisse’s decision to ban trading in certain Venezuelan bonds is understandable, but ultimately raises more questions than it answers.

Juan Carlos Echeverry has left his position as CEO of Colombian state-owned oil giant Ecopetrol.

Scotiabank’s head of Latin American debt capital markets has left both the Canadian bank and the banking industry after more than 20 years working in EM bond markets.

Mexican broadcaster TV Azteca told bondholders on Friday that it would call some of its 7.625% dollar bonds due 2020, using proceeds from its recent debt issuance to do so.

Jamaica underlined the issuer-friendly conditions on offer in EM bond markets this week after an oversubscribed tap of two bonds that left some investors with allocations of zero amid a simultaneous buy-back.

Mauricio Macri’s ability to persuade Argentines of the long term benefits of his reforms amid a tough economic environment brought rewards to bond investors this week and left market analysts pleasantly surprised.

Standard & Poor’s has removed the immediate threat of a sovereign downgrade for Brazil after saying that the political landscape is “somewhat more settled” than it was in May, but markets hardly reacted.

The Commodity Futures Trading Commission (CFTC) this week settled with Aruba-based Copersucar Trading over wash trade allegations involving sugar futures traded on Intercontinental Exchange US.

Standard & Poor’s has removed the immediate threat of a sovereign downgrade for Brazil after saying that the political landscape is “somewhat more settled” than it was in May.