Latin America

Peruvian bonds barely moved this week after a shock in the first round of the country’s presidential elections on April 11, while Ecuador debt reacted spectacularly to a positive electoral surprise on the same day. Yet there are concerns about complacency towards risks in Peru, where a left-wing radical took most first-round votes, and Latin American bond buyers should brace for more volatility as the region faces an exceptionally busy election cycle.

More than 90% of Suriname’s bondholders this week participated in a consent solicitation that extends the sovereign’s debt standstill until the end of July. But the government has only until April 30 to sign a deal with the IMF, or the standstill will be cancelled.

GlobalCapital is conducting its annual poll to determine its Bond Awards 2021. The voting deadline has been extended until April 22, so we invite readers who have not voted yet to do so in the coming week.

Andean Telecom Partners (ATP), a digital infrastructure provider operating in the Andean region of South America, has begun investor calls ahead of what would be its inaugural bond issue.

Latin American oil and gas company GeoPark will hold investor calls until Monday next week as it prepares to reopen a 2027 bond sold last year in order to partially finance a tender offer for up to $255m of its of $425m of 6.5% 2024s.

Colombian bank GNB Sudameris sold a Basel III-compliant subordinated tier two bond on Tuesday after two failed attempts in 2020. The issuer, which also has operations in Peru and Paraguay, printed $400m of 10-year non-call five paper but only after having rejigged its bank group after last year’s cancellations.

Banco Davivienda is preparing what would be the first additional tier one (AT1) bond issue from Colombia’s banking sector, with the country’s second largest lender having begun investor calls on Monday ahead of a proposed perpetual non-call 10 year Basel-III compliant AT1.

CMI Energía (CMI), the renewable energy subsidiary of Central American conglomerate Corporación Multi Inversiones, is looking to debut in international bond markets with a senior secured green deal two and a half years after pulling its first attempt.

Colombian bank GNB Sudameris held investor calls on Monday ahead of a proposed Basel III-compliant subordinated note that could be priced as soon as Tuesday. This will be GNB’s third attempt to issue in the past year.

Chilean car seller Automotores Gildemeister is seeking bondholder permission for a restructuring that would see senior secured creditors receive all the company’s equity and a combination of secured and unsecured bonds. Unsecured bondholders — who will be offered a far more meagre recovery — have hired legal advisors.

Mexico cleaned up a chunk of short-term debt maturities on Tuesday with a $3.26bn 2041 bond. The country’s deputy finance minister told GlobalCapital that the sovereign had decided to act fast to issue amid expectations that US Treasury yields will widen further.

A group of institutional investors owning international bonds issued by Suriname have agreed to grant the South American sovereign a third debt payment standstill after the issuer modified the terms of a consent solicitation.