South America

South American development bank Corporación Andina de Fomento (CAF) could turn to the public bond markets to begin its pre-funding for 2019, having issued its largest ever private placement last week to bring its 2018 financing programme close to completion.

Secondary market performance on the slew of Latin American new issues priced on Thursday was mostly underwhelming as Chilean power company Empresa Eléctrica Cochrane confirmed it was postponing a proposed bond issuance.

Three Latin American companies managed to raise dollar bonds on Thursday in the face of challenging market conditions, but of the five that completed roadshows on Wednesday, one was left evaluating feedback, having announced guidance, and the other had not appeared.

Panama came from nowhere to lead a slew of Latin American credits marching to raise bond funding on Thursday, but the weight of supply coupled with a tricky trading session meant that results were as up and down as the recent market conditions.

Transportadora de Gas Internacional (TGI), the Colombian gas pipeline operator, ventured into bond markets six months after an initial roadshow on Wednesday with a new 10 year dollar bond.

South American multilateral lender CAF (Corporación Andina del Fomento) opened its first new line in Australian dollars for over a year on Thursday with a new five year benchmark.

Transportadora de Gas Internacional (TGI), the Colombian gas pipeline operator, gave hope to those Latin American DCM bankers with dormant bond mandates on Wednesday as it received a robust response for a new 10 year deal.

Turkey made a successful return to international markets on Tuesday after six months away. The sovereign paid up for the privilege, but took an important step in returning financing conditions in the country to normal.

South American multilateral lender CAF (Corporación Andina del Fomento) is due to price a new five year bond in Australian dollars this week.

Transportadora de Gas Internacional (TGI), the Colombian gas pipeline operator, held investor calls on Tuesday as it considers a second attempt to issue internationally this year.

Brazilian infrastructure group Invepar will hit the road on Wednesday proposing the sale of a bond guaranteed by its two highest quality assets in order to finance an imposing domestic debt maturity.

Brazilian lender Banco Mercantil do Brasil is looking to buy back nearly a third of its only outstanding international bond via a tender offer.