South America

Argentina has released price guidance for a €2.5bn triple tranche bond at levels a trader in London described as shockingly wide, while investors started to fret about how much debt the country takes on.

Latin American power generation and distribution holding company Inkia Energy is likely to sell a new 10 year non-call five bond on Thursday after wrapping up investor meetings on Wednesday.

Argentine lender Banco Hipotecario returned to the international markets with a peso-linked deal on Wednesday, becoming the fourth Latin American issuer to sell global local currency bonds in two weeks.

Empresas Públicas de Medellín (EPM) offered an attractive premium to the Colombian government, said analysts, after beating FX volatility to issue the largest ever global Colombian peso deal on Tuesday.

South American development bank Corporación Andina de Fomento (CAF) returned to the dollar market this week with a $1bn five year fixed-rate note.

Corporación Andina de Fomento (CAF) is this week set to bring its second dollar benchmark of the year, the proceeds from which will be used to pay off a $1bn floating rate note maturing next year.

Market analysts are confident that Venezuela's PDVSA can make imminent debt payments, but there is little consensus beyond that after the oil company waited until the last possible moment to release funds for a principal payment on Friday.

Latin America’s most prolific issuer of the last two years is hoping to make its expected return to the euro-denominated bond market on Thursday.

Pan-Latin American power generator and distributor Inkia Energy is meeting fixed income investors this week ahead of a planned 10 year bond issue.

As Venezuela edges closer to a catastrophic default, bond issue markets in Latin America continued to thrive this week as three Lat Am borrowers snatched blow-out deals.

Argentine stocks and bonds enjoyed a strong week after President Mauricio Macri’s Cambiemos coalition’s impressive showing in mid-term elections on October 22, and one issuer has wasted no time in jumping on the improving sentiment.

Venezuelan oil giant PDVSA left bondholders clueless on Thursday evening as to whether it would make a $985m amortisation and interest payment on time on Friday, with some calling the chances of a large and ugly default no better than a coin toss, writes Oliver West.