Latin America

Argentina’s government reopened negotiations with holdout creditors on Monday after securing a $5bn loan from seven global banks last week.

South American sovereign Uruguay said on Friday that it intends to issue about $1.5bn in international bond markets in 2016 as part of its prefunding policy.

Latin American debt capital market bankers proclaimed that Pemex had “validated a new reality” for EM commodity credits in the bond markets after the Mexican state owned oil giant issued $5bn at new issue concessions so high that, until recently, they would have been unthinkable.

trueEX, a fast growing swap execution facility (SEF), has executed the first dealer to client Mexican peso interest rate swaps trades on its platform.

Automotores Gildemeister, the Chilean car seller, is edging closer to an agreement with its bondholders that would see it emerge from default after more than 90% of bondholders agreed to a distressed exchange.

Mexico-headquartered home appliances company Controladora Mabe is offering bondholders a fee to enable Chinese group Qindao Haier to buy General Electric’s share in the borrower.

Consensus is growing among investors and analysts that default is inevitable for Venezuela, as oil hits lows not seen in more than a decade.

Energy investor EIG said that bondholders of Colombian-Canadian oil firm Pacific Exploration & Production faced a “de minimis” recovery after the company said on January 15 that it would not make scheduled coupon payments this month.

Mexican infrastructure and construction company Empresas ICA confirmed that it would not make a $6m bond interest payment due on January 25 as it hired a new official to negotiate with bondholders.

Mexican infrastructure and construction company Empresas ICA confirmed that it would not make a $6m bond interest payment due on January 25 as it hired a new official to negotiate with bondholders.

Colombian state owned oil company, Ecopetrol said it wanted to reiterate its commitment to cost cutting and protecting its cash flow after Moody’s left it perilously close to losing one of its investment grade ratings.

Heavily indebted Colombian-Canadian oil company Pacific Exploration & Production disappointed some bondholders on Friday by announcing it intended to miss coupon payments due this month and use the 30 day grace period “to assess strategic alternatives”.