Latin America
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Argentina's finance minister, Alfonso Prat-Gay’s announcement that the country would issue up to $15bn of bonds to pay holdout investors cooled enthusiasm for the sovereign’s existing debt on Tuesday. -
Peru opened books on its second euro deal in four months on Tuesday, after announcing an investor call on Monday which caused its secondary curve to widen 20bp.
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Bolsa Mexicana de Valores, the only exchange in Mexico and the second largest in Latin America, expects growth in derivatives revenues and has retained bullish ratings from bank analysts as a result.
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The Republic of Peru could become the third Latin America sovereign to issue in euros in 2016 after holding an investor call at 10.30am UK time on Monday.
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Bond bankers expect European investors will have more Latin American sovereigns to occupy them in the future, after Mexico showed that very low yields are still on offer in euros for those issuers that choose not to hedge their currency exposure.
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With a four hour presentation, and after two years of broken promises, Venezuelan president Nicolás Maduro finally announced economic reforms on Wednesday. But although bonds rallied slightly, analysts saw the measures as too little, too late.
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Santander’s Chilean arm has launched a tender offer for up to $500m on its 3.875% fixed rate 2022s and its floating rate notes due 2018.
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A strong performance in Brazil’s bond curve on Wednesday underlined how unsurprised bond investors were to see Latin America’s largest sovereign receive yet another rating downgrade.
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Santander’s Chilean arm has launched a tender offer for up to $500m on its 3.875% fixed rate 2022s and its floating rate notes due 2018.
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Three positive days in markets pushed Mexico to sell its second deal of the year on Tuesday as Latin America sovereigns become more pragmatic about choosing issuance windows.
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Colombia’s sovereign bonds closed tighter on the day on Tuesday despite lower oil prices driving Standard & Poor’s to place the government’s BBB credit rating on negative outlook.
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Mexico is looking to sell its fifth euro denominated bond in four years after releasing initial price thoughts for six and 15 year tranches on Tuesday.
