Paraguay
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Years of credit improvements have given landlocked country a loyal following among EM investors
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Dominican Republic could be on the cards for LatAm supra after debuts in Paraguay, Costa Rica
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Big name issuers finally return but aggressive approach unsustainable as aftermarket underwhelms
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Investors happy to hold consistently improving credit
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Structural reforms build ratings agency's confidence in LatAm performer
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South American supra looking to diversify away from Swiss francs
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It was easy for Paraguay to catch the eye of young fans following 1990s football
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Solid credit story and small size help sovereign to slimmer concession than other EM deals
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Borrowers push on but can't pay up much more, say bankers
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South American supra is hitting its operational and lending targets
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Frigorífico Concepción, the Paraguay beef exporter, sold its largest and tightest ever bond on Wednesday as it looked to continue its rapid expansion.
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Frigorífico Concepción, the Paraguay beef exporter, is looking to sell new bonds to refinance its senior secured 2025s just six months after it last tapped the notes.
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Bond markets continue to offer Latin American sovereigns tight pricing down the dollar curve, with Panama and Paraguay on Wednesday becoming the latest pair to price dual tranche deals. But with rates curves having steepened this month amid the expectation of higher rates in the long term, bankers are sensing that the 10 year is becoming the sweet spot on the maturity curve.
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In what is likely to have been the final Latin America new bond issue of 2020, Paraguayan beef exporter Frigorífico Concepción added $21m to its January 2025s in a small tap on Friday.
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Paraguayan beef exporter Frigorífico Concepción held calls with bond investors on Monday as it looks to tap its only international bond for the second time.
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Paraguay’s largest commercial lender, Banco Continental, hopes its planned issuance of sustainability bonds will be an example for other issuers to follow, stating in its sustainability bond framework that its commitment to sustainable development is “inherently linked” to Paraguay’s historical dependence on the agriculture and livestock sectors.
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Frigorífico Concepción, the Paraguayan beef exporter, raised $40m in bond markets on Wednesday after a three-day sales process.
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Frigorífico Concepción, the Paraguayan beef exporter, could return to bond markets this week with a tap of its 10.25% senior secured notes maturing in January 2025.
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Paraguay continued the relative rush of Latin American issuance on Thursday with a heavily demanded $1bn 11 year bond becoming the second high yield sovereign from Latin America in two days to tap bond markets to fund Covid-19 mitigation.
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Telefónica Celular del Paraguay (TeleCel), the Paraguayan subsidiary of pan-EM telecoms group Millicom International Cellular, took advantage of a buzzing bond market to add $250m on Tuesday to a bond issued last April.
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Latin American DCM bankers urged the region’s sovereigns to accelerate their funding plans after Paraguay notched a negative new issue premium in the sole sovereign trade of the week.
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Latin America’s rising star Paraguay took advantage of low sovereign issuance from the region so far this year to tap existing 30 year bonds with a negative new issue concession, according to debt capital markets bankers.
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Colombian natural gas distribution company Promigas and Rutas 2 and 7, a securitization to finance a road in Paraguay, brought life to an otherwise subdued week in Latin American primary markets on Tuesday.
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Bonds issued by Colombian financial holding company Gilex and its subsidiaries widened on Tuesday as the lender’s proposed acquisition of BBVA’s Paraguayan bank triggered a downgrade review from Moody’s.
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Paraguay tapped bond investors on Thursday to finance its portion of the transcontinental road, raising $732.3m of amortising notes with an average life of 8.9 years and using a zero coupon structure to reflect project payment flows.
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A securitization that repackages Paraguayan government infrastructure financing is expected to be priced on Thursday after the bookrunner set initial price thoughts the day before.
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Just one Latin American issuer has announced bond issuance plans as another day of market volatility had bankers pondering whether the favourable conditions that have prevailed almost uninterrupted since mid-January might be in danger.
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A strong aftermarket performance from Millicom’s Paraguayan subsidiary the day after pricing showed that Latin American bond markets were hungry for new supply, despite growing concerns over Brazil.
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Telefónica Celular del Paraguay (TeleCel), the Paraguayan subsidiary of pan-EM telecoms group Millicom International Cellular, returned to bond markets for the first time in over six years on Thursday.
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Telefónica Celular del Paraguay (TeleCel), the Paraguayan subsidiary of pan-EM telecoms group Millicom International Celluar, held investor calls on Wednesday as it prepared to tap bond markets for the first time in over six years.
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Paraguay wasp once again the rare consistent provider of good news for Latin America bond markets this week when it earned a credit rating upgrade from Fitch that puts it just one notch off investment grade status with three of the major rating agencies.
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Banco Regional, the Paraguayan bank focussed on the country’s agricultural and livestock sectors, is planning to meet international bond investors as it looks to refinance an existing cross-border bond.
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Landlocked South American country Paraguay is looking at the possibility of creating a sovereign wealth fund as part of a possible adjustment of its fiscal responsibility law, said deputy finance minister Humberto Colman Castillo.
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Land-locked sovereign Paraguay sold the first cross-border bond from a Latin American issuer in exactly a month on Thursday, but though bankers said the deal was positive for the market, they did not think the slim concession was a sign of things to come.
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Paraguay wrapped up two days of investor meetings on Wednesday, and the South American sovereign will have New York bond syndicate desks wishing it the best of luck if it announces a new deal on Thursday — as expected.
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After weeks of speculation, Paraguay will finally hit the road next week as Lat Am syndicate bankers point out that spreads in the region have recovered well after a turbulent month.