Latin America

Meatpacker Marfrig announced initial price thoughts low to mid 8% area for a new seven year non-call three bond expected to be priced on Wednesday, with S&P so impressed by the company’s capital market activity that it assigned a positive outlook to the rating.

The City of Buenos Aires is set to issue a new 11 year amortiser on Tuesday after announcing initial price thoughts that will make it the tightest of all the recent sub-sovereigns to have issued in Argentina.

Meatpacker Marfrig will meet investors this week as it looks to show that the poor secondary market performance of Petrobras’ new bond will not damage Brazilian companies’ ambitions of returning to markets.

Peruvian power generation company Kallpa became the first Peruvian issuer apart from the sovereign to issue international bonds as strong local interest helped it to navigate a turbulent market on Thursday.

Latin America bond bankers put on brave faces after Petrobras’ return to bond markets soured when its new 10 year traded down as much as five points just two days after pricing. Oliver West reports.

The City of Buenos Aires is set to sell up to $890m of bonds as soon as Tuesday as it looks to take advantage of what one Buenos Aires-based banker described investors as “drunk” on Argentina risk.

Mortgage lender Banco Hipotecario took advantage of the momentum surrounding Argentine bonds on Wednesday with a tap of its senior unsecured 2020s more than six and a half points above where they were first sold in November.

Argentina made its debut in the international capital markets 192 years ago. It has managed eight defaults since then, so are things any different now?

Latin American DCM bankers drew positive conclusions from Petrobras’ first international bond in nearly a year as the Brazilian state oil giant raised more than twice what it needed to for a liability management exercise.

Mexican hotel operator Grupo Posadas reopened its dollar bonds due 2022 for a further $50m on Monday in a drive-by trade that will be used mainly to refinance the $38m left under its outstanding 2017s.

Banco Hipotecario is set to demonstrate the immediate benefits that Argentina’s corporates could receive from the sovereign’s return to bond markets when it taps its 2020s on Tuesday.

The City of Buenos Aires is set to become the third Argentine sub-sovereign to tap international bond markets since the sovereign sold $16.5bn of debt in April.