Latin America

Latin America’s best-rated sovereign, Chile, has slipped a notch with Standard & Poor’s as the rating agency said the country’s vulnerability to external shocks had increased.

Chilean retailer Cencosud’s new 10 year bond drifted wider in secondary markets on Thursday after bankers placed its new issue premium in the single digits.

Bond investors expect Peru to be able to successfully issue in nuevo soles next week as it wraps up investor meetings ahead of a planned Euroclearable local currency deal.

Mexican state-owned oil company Pemex on Tuesday sold $5bn of bonds that left investors very happy. The curve had widened significantly in the run-up to the deal, but the new bonds popped as much as two points in the aftermarket.

Argentina’s largest province raised €500m of euro-denominated bonds on Thursday after hefty tightening from initial price thoughts.

South American retail giant Cencosud tightened its new $1bn 10 year bond by 40bp from initial price thoughts on Wednesday as it completed a liability management exercise.

Argentina’s largest province has announced initial price thoughts of 6% for a 5.5 year €500m no-grow trade in euros.

A junior member of BBVA’s EM debt syndicate team in New York has left the bank to pursue an opportunity away from debt capital markets, GlobalCapital understands.

Fears over the direction of interest rates had emerging markets bond bankers scrambling to reassure investors and borrowers alike that the EM bull run is far from over. To back them up, they had three deals from high yield borrowers to offer, although one investor is hoping for a bit more widening first.

Latin American development bank Corporación Andina de Fomento (CAF) raised $1.25bn of three year bonds on Tuesday, with more than half of the orders coming from central banks and official institutions.

Mexican state-owned oil company Pemex continued its mammoth issuance programme with a $5bn tap of outstanding 10 and 30 year bonds that it will use to buy back old notes maturing between 2018 and 2019.

South American development bank Corporación Andina de Fomento (CAF) is set to price a dollar-denominated benchmark bond on Tuesday less than two weeks after losing its only negative outlook.