Latin America

For Venezuelan bonds to jump as much as four points on a day that oil prices reached seven year lows on Monday was surely a sign that something special had happened. But some analysts felt that such will be the impact of Sunday’s parliamentary election in Venezuela that the bonds should have rallied even further.

Energy company Medanito will hit the road this week to meet fixed income investors ahead of a maximum $150m deal as Argentine borrowers continue to show interest in international markets despite the small size of most companies in the country.

Argentina’s issuers are wasting no time returning to international capital markets after Mauricio Macri’s victory in the November 22 presidential elections, though Lat Am bond bankers warned that tough times remained ahead for the country.

Bond bankers say that Mexican government-owned oil company Pemex will have to overcome fears that European investors have over emerging market and oil related names as it looks at issuing its second sterling bond.

Mexican real estate investment trust Fibra Uno was forced to issue less than it was hoping for this week, in a deal that exemplified the new reality to which Latin American issuers — even the well-liked, solid credits — must become accustomed.

Huw Jenkins will need all of his powers of persuasion and banking know-how if BTG Pactual, where he is a founding partner, is to halt its downward spiral.

Mexican government-owned oil company Pemex held an investor call on Wednesday morning ahead of a planned sterling-denominated trade.

Brazil iron ore pellet producer Samarco Mineração’s bonds hit the mid 30s on Tuesday as Fitch reduced the borrower’s rating from BBB to BB- a month after two of the company’s dams burst in the state of Minas Gerais, causing heavy human and environmental damage.

EM bond investors said that Fibra Uno’s latest dollar issue represented great value for such a strong credit as the deal tightened several basis points in the aftermarket.

Latin American bond markets had a poor first day of trading after the Thanksgiving break, giving Mexican real estate investment trust Fibra Uno a tough ride withn its second international issue.

André Esteves resigned from his positions as chairman of the board and chief executive of BTG Pactual on Sunday following his arrest on November 25 as part of Brazilian authorities’ investigation into corruption at Petrobras.

Dr Alberto Torres García, head of economic research at Mexico's central bank, is to take over from of Alejandro Díaz de León as head of the country’s public credit as Díaz de León leaves to take run development bank, Bancomext.