Latin America

Argentine electricity generation company Albanesi raised prospects of market access for small corporates from the country with a $250m seven year non-call four bond on Wednesday.

Argentine electricity generation company Albanesi raised $250m of seven year non-call four bond paper on Wednesday in the highest-yielding issue to have emerged from the country this year.

Predictions that the Argentine province of Chubut’s debut public dollar bond would trade well were proven correct on Wednesday as bankers said demand for Argentina risk was unsated despite large new issue premiums.

Argentine infrastructure group Clisa (Compañía Latinoamericana de Infraestructura & Servicios) will buy back at least 80% of its 11.5% bonds due 2019 after receiving a strong response to a tender offer.

Lat Am bond bankers said that conditions continued to be supportive for most Argentine borrowers, although the contrasting fortunes of the deals in the market last week showed that investors were becoming more selective.

A trio of Argentine borrowers dismissed any worries about fading investor interest for the country’s issuers by raising a combined total of $950m on Thursday, although bankers said companies that could offer liquid deals would find the going much easier.

Uruguay reiterated the extremely favourable conditions available to Latin American investment-grade issuers after raising $1.147bn of bonds through a tap of its 2027s and 2050s on Wednesday.

Two high yield companies reminded bond markets that there’s life in Latin America outside of Argentina by selling dollar deals linked to liability management exercises this week.

Mexican state-owned oil company Pemex was expected to raise ¥80bn ($759m) of 10 year Samurai bonds on Friday morning Japan time in its first yen deal since 2008.

South American sovereign Uruguay raised $1.147bn of bonds on Wednesday via a tap of its 2027s and 2050s in the longest maturity EM sovereign bond sale of the year.

New deals from Turkey’s Yapi Kredi, Majid Al Futtaim, and Russia’s State Transport Leasing Company this week prove that CEEMEA has finally shaken off any Brexit-related concerns and is now revelling in its apparent ‘safe haven’ status.

Mexican state owned oil company Pemex is expecting to price a 10 year Samurai bond on Friday morning Japan-time in what would be its first yen-denominated deal since 2008.