South America

Colombo-Canadian oil and gas company Frontera Energy has returned to primary markets for the first time since it was called Pacific Rubiales with a five year non-call three trade.

There has been no relief rally in Colombian bonds after right winger Iván Duque eased to victory in Sunday’s presidential elections, as tricky boarder conditions outweigh the positives for the South American country.

Brazilian mining giant Vale has launched its third tender offer of the year, this time targeting the longer part of its dollar curve.

Despite receiving one of the largest IMF bail-out packages in history, Lat Am bankers are sanguine on the outlook for Argentine DCM activity this year. They say this is as much to do with the broader weakness in emerging markets as it is to do with Argentina’s economic recovery.

Market analysts said that Argentina’s $50bn IMF programme — which one strategist thought to be the largest ever provided by the fund — had surpassed all expectations, with bonds rallying lightly last Friday.

Investors owning $12.836bn-equivalent of Petrobras dollar and euro bonds offered to sell their notes in a tender offer before Tuesday's early bird deadline — more than three times the $4bn limit that the Brazilian oil company had set for the buy-back.

Chilean electricity company Enel Chile pounced on improving market conditions to raise $1bn of 10 year bonds on Thursday, after attracting the largest order book for a Lat Am dollar deal in several months.

South American development bank CAF took the unusual step of issuing in euros just four months since its last outing in the currency, after eying an opportunity in a favourable basis swap.

South American development bank CAF (Corporación Andina de Fomento) returned to the euro markets for the second time this year with a smaller deal than some were expecting amid volatile European markets.

Investors owning some $12.836bn-equivalent of Petrobras dollar and euro bonds offered to sell their notes in a tender offer before Tuesday's early bird deadline — more than three times the $4bn limit that the Brazilian oil company had set for the buy-back.

South American development bank CAF (Corporación Andina de Fomento) has released initial price thoughts for its second visit to the euro bond market this year.

Less than two years after it completed a restructuring in which all of its existing debt was wiped out, Frontera Energy is plotting a return to primary bond markets.