Latin America

Chilean energy company Empresa Eléctrica Angamos will repurchase nearly 80% of its bonds due 2029 after achieving strong participation in a tender offer despite the complaints of one bondholder advocacy group.

The Commonwealth of the Bahamas could tap bond markets later this week to fund budgetary spending, GlobalCapital understands.

Antofagasta plc, the Chilean copper miner that is the longest continuously listed company on the London Stock Exchange, began investor calls on Monday as it turned to bond markets for the first time.

Business services company Atento became the fourth Latin American credit in recent weeks to cancel borrowing plans on Friday, blaming “unfavourable” market conditions as it postponed a proposed liability management exercise.

Latin American bond bankers were receiving mixed messages from primary market activity this week as Colombian bank GNB Sudameris cancelled a proposed tier two deal but two other companies notched strong deals.

The Province of Mendoza has become the first Argentine province to complete a restructuring of its international bonds this year after a proposal, amended twice, achieved enough backing to trigger the collective action clause (CAC).

Suriname, South America’s smallest country, has tabled an amendment to its debt act that includes a request to the finance minister to submit a debt restructuring plan.

Colombia will become the first country to ever draw funds from an IMF flexible credit line (FCL), the Fund’s facility for its star pupils. In these exceptional times, Colombia should ignore any stigma associated with tapping IMF funding and be applauded for healthy pragmatism.

The Province of Mendoza has become the first Argentine province to complete a restructuring of its international bonds this year after a proposal, amended twice, achieved enough backing to trigger the collective action clause (CAC).

Colombian bank GNB Sudameris looked likely to price a Basel III-compliant tier two bond on Thursday at the second time of asking, but bankers said issuance windows were becoming narrower after another volatile day.

Fresnillo, the Mexican mining company, notched a first bond in seven years close to where bankers spotted fair value on Tuesday to reassure market participants that issuance are good for strong credits.

Bond buyers welcomed Brazilian retailer Lojas Americanas to international markets for the first time on Tuesday — showing that there is still strong appetite for the right debut issuers despite two fellow Brazilian companies cancelling first-time deals in recent weeks.