South America

Peruvian drugstore operator InRetail Pharma and Brazilian electricity company Light both sold new deals tighter than where some investors would have liked on Wednesday to show that issuers had at least some pricing power.

Bond investors said Colombian financial holding company Gilex’s debut bond had been worth the wait as the owner of GNB Sudameris bank raised $300m on Wednesday and then saw the notes trade up on Thursday.

Three Latin American high yield companies issued on Wednesday, with the only investment grade company from the region to have completed a roadshow recently the notable absentee from screens after a sharp sell-off in US Treasuries.

Colombian financial holding company Gilex raised $300m of five year non-call three year bonds on Wednesday after enhancing the deal structure to appease investors.

Argentine pipeline company Transportadora de Gas del Sur (TGS) became the first Latin American company in several weeks to find itself overwhelmed with orders as six high yield corporates tapped the dollar markets in two days.

Colombian financial holding company Gilex will look to price an inaugural international bond on Wednesday after setting guidance on Tuesday, more than a month after meeting investors.

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.

Crédit Agricole is opening representative offices in Colombia and Chile, the lender said on Monday, as its looks to improve strengthen client relationships in the countries.

Carlos Vargas, most recently a managing director in Mizhuo’s Latin American debt capital markets team, has joined Oppenheimer & Co also as a managing director covering Lat Am DCM, GlobalCapital understands.

Petroquímica Comodoro Rivadavia (PCR), the Argentine energy company, will hit the road on Wednesday ahead of a planned debut international bond sale, with compatriot and peer company Capex expected to provide the closest comparison.

Argentina’s new issue pipeline is showing further signs of picking up, with the Province of Córdoba understood to be weighing up the possibility of a return to markets, according to bond players.

Three Argentine companies are preparing off-shore bond issues and others continue to approve bond shelves as a near three month break in new issue activity from the country could soon come to an end.