Latin America

Latin America’s largest sovereign Brazil raised $1bn in international bond markets on Tuesday, earning praise for its timing despite taking the unusual path of pricing at the wide end of guidance.

Chile's Itaú CorpBanca has rolled out a $465m fundraising into syndication, with a number of invitations going to lenders in Asia.

The government of Belize appears to have finally come to an agreement with bondholders after promising to ensure more prudent financial management as part of a debt restructuring.

Argentina has earned its first positive rating action since the triple upgrade that followed its emergence from default last year, as Moody’s placed the sovereign’s B3 rating on positive outlook on Monday evening.

Argentine real estate company Raghsa is meeting international investors ahead of a planned $150m issue of senior unsecured notes due 2024.

Latin American new issue markets enjoyed a quiet week with as carnival celebrations replaced the debt party with which the region started the year, but Brazilian issuers look ready for a swift return to market mode.

Lat Am bond investors are keeping a close eye on Venezuelan state-owned oil giant PDVSA in the run-up to the company’s next amortisation payment in April, with the source of funds used for the payment set to provide important clues as to the likelihood of default.

Mexican autoparts manufacturer Nemak will begin a roadshow next week ahead of a planned euro-denominated bond debut, looking to become the third Mexican issuer of 2017 — and the third in euros.

Landlocked South American sovereign Paraguay is likely to return to international bond markets early this month after nominating Bank of America Merrill Lynch and Citi to run its next debt sale.

Mexican cement company Cemex said on Tuesday that it would buy back $475m of existing dollar bonds after receiving a strong response to its proposed tender offer.

Economists at the Institute of International Finance (IIF) said on Monday that they believed Venezuela was “rapidly approaching breaking point”, despite movements in the short end of the country’s curve suggesting investors are less pessimistic.

Argentina’s third largest private sector lender Banco Macro is considering selling up to $300m of New York law peso-linked notes, following in the steps of fellow banks Supervielle and Hipotecario.