Latin America

Argentine province Neuquén launched an exchange offer for its existing senior secured 2021s on Monday, the same it began a three day roadshow with fixed income investors ahead of a potential new 12 year deal backed by oil and gas royalties.

Colombian lender Banco de Bogotá is looking to issue up to $1bn of tier two 10 year notes, although Moody’s said that the bonds will do little to address the bank’s low capital ratio.

Investors said the Argentine province of Neuquén would be feeling lucky that it had postponed a bond issue last September after the issuer this week announced a second roadshow in less than a year.

Central American sovereign Guatemala sold its first international bond in three years this week, with market participants saying a strong technical bid from local investors helped it to a relatively tight yield.

Guatemala will undertake a second day of investor calls on Thursday ahead of what is likely to be the its first international bond since February 2013.

Mexican cement company Cemex is looking to buy back up to $400m of senior secured bonds, the latest exercise in liability management.

Grupo Sura, the owner of the largest pension fund in Latin America and the largest bank in Colombia, raised $550m of 10 year senior unsecured bonds on Tuesday as Latin American high grade corporates finally took advantage of a receptive market.

Mexican refrigerated food company Sigma Alimentos sold the first dollar denominated high grade private sector bond from Latin America this year on Monday, taking advantage of low corporate supply to tighten pricing.

Brazilian telecoms firm Oi has entered a “customary non-disclosure” agreement with Moelis & Company, the advisor for a group of its bondholders, as it looks to work on cutting its debt burden.

Some 49% of troubled Canadian-Colombian oil company Pacific Exploration & Production’s creditors, comprising bank lenders and senior noteholders, took just two days to agree to a restructuring proposal presented on Monday evening.

Argentina fever has gripped financial markets after the sovereign’s record breaking return to international bond markets this week, with sub-sovereigns likely to be the first to take advantage of the clamour for bonds.

Banco Nacional de Costa Rica (BNCR) sold the first ever high yield green bond from Latin America on Wednesday, jumping on the momentum in a buoyant market provided by Argentina’s jumbo bond comeback.