Latin America

The emerging market bond pipeline remained strong this week with Turkish lender Finansbank the latest CEEMEA name to join the fray, after the borrower announced a one day roadshow for Wednesday. Meanwhile, Latin American borrowers are beginning to encounter some investor push-back.

Recent developments in Latin American new issue markets may have shown just how risk-tolerant the market has become, but there are signs that investors may be fighting back.

Nomura has hired a veteran of Latin American bond markets as a managing director as it looks to build its business in the region.

Chile’s leading casino operator Enjoy SA spent Monday receiving feedback from investors about certain modified terms on its offering memorandum after potential bond buyers decided that the original terms were too risky a bet.

Two high yield companies from Latin America will wrap up investor meetings on Tuesday ahead of planned dollar-denominated bond issues.

Peru’s ministry of economy and finance has authorised state-owned oil company Petroperu to proceed with a long awaited debut bond issue.

Chilean power transmission company Celeo Redes showed the bond market’s willingness to support first-time Latin American borrowers with a 30 year amortiser that bankers saw as coming tight to expectations.

One of the best-performing sovereigns in Latin America showed that investors had no fears when it came to buying duration as it raised $1bn of long bonds alongside a $150m tap of its 10 year on Thursday.

Brazilian government-owned development bank BNDES sold a long-awaited green bond on Tuesday, with a combination of scarcity value and SRI investor support ensuring tight pricing.

A strong market backdrop and bond investors’ continued love affair with Argentina allowed state oil company YPF and private sector lender Banco Macro to sell fixed rate peso-denominated bonds to international buyers — trades that would have been unthinkable just months ago.

The Republic of Panamá is likely to tap its 11 year bonds and set a new long benchmark on Thursday after announcing initial price thoughts first thing Thursday.

The bond market’s love for Argentina reached new heights on Wednesday as Banco Macro became the first issuer to sell fixed rate peso debt in international markets since the country returned from financial market wilderness 13 months ago.