Latin America

Argentine pulp and paper company Celulosa Argentina has received approval from its board for a second attempt to issue international debt after the company’s CEO told directors that there would be appetite for new bonds thanks to the “new context” in capital markets.

The Argentine province of Salta will meet bond investors this week as it looks to become the latest in a line of sub-sovereigns from the country to offer international bonds.

Chilean state-owned lender Banco del Estado de Chile’s CFO told GlobalCapital that the issuer would look at issuing more SRI bonds after selling a so-called “women bond” denominated in Japanese yen on Friday.

Eight corporates and one sovereign raised international bonds from Latin America this week as overwhelming technicals, a newly dovish US Fed and fears of post-Brexit trauma led the region’s borrowers to flock to markets.

A bond issued by Argentine pay TV and broadband provider Cablevision was the clear outperformer in a busy week for Latin American new issues as bankers said hunger for Argentine names was as strong as ever.

Mexico sold the largest non-guaranteed Samurai deal for at least 15 years this week, taking advantage of negative rates in Japan to clinch a four tranche bond that was priced well inside its previous deals in the market.

Brazilian pulp producer Eldorado Brasil Celulose is hoping to become the first debut issuer from the country since November 2014 after announcing initial price thoughts of high 8%.

Mexican real estate investment trust Fibra Uno and Colombian state-owned oil company Ecopetrol reopened existing dollar notes on Wednesday to take advantage of euphoric conditions in Lat Am bond markets.

Pay TV and broadband provider Cablevision sold the first true corporate bond from Argentina since the sovereign exited default in April, raising $500m on the same day the Province of Buenos Aires hit the market for the second time this year.

Mexican cement producer Cemex sold €400m of euro denominated bonds on Wednesday as the company’s liability management policy brought it popularity with fixed income investors.

Mexican cement manufacturer Cemex on Wednesday followed in fellow high yield issuer Braas Monier’s tracks with a significant tightening in pricing on its offer.

Latin America DCM bankers said that Vale had timed its return to bond markets to perfection after the Brazilian mining giant pounced on the huge rally in Lat Am credit that followed disappointing US non-farm payroll on Friday.