South America

Falabella, the Chilean retail company, raised $400m of new debt in a 5.5 times subscribed deal on Monday, as bond bankers say the party in Lat Am bond markets is set to continue.

As bondholders await some kind of communication on overdue coupon payments from Venezuela, PDVSA and Electricidad de Caracas, Standard & Poor's has said it is “uncertain” about oil company PDVSA’s ability to pay forthcoming bond maturities.

Colombian lender Banco Davivienda sold $500m-equivalent of peso-denominated bonds in global markets on Thursday to kick off an expected flurry of global local currency deals from Latin American issuers.

Two Brazilian bond deals this week underlined the improved sentiment towards Latin America’s largest economy as Banco do Brasil’s first bond in three years traded a point up the day after pricing despite coming flat to fair value.

Uruguay is in advanced discussions with clearing houses to make it easier for international investors to participate in its local curve, as the sovereign looks to integrate its domestically issued notes with the nominal global peso curve established this year.

A potential Costa Rican colón bond issue is arguably the most eye-catching of a flurry of global local currency transactions planned by Latin American borrowers as bankers say the bull market could hit new heights.

Government-owned Banco do Brasil attracted more than $6bn of orders for a $1bn trade on Wednesday as bankers said there was a strong pent-up bid from Brazilian debt.

Chile-headquartered Falabella will begin investor meetings on Wednesday as it plots its first international bond issuance in three years.

Brazil’s third largest airline could sell international bonds as soon as this week after mandating for a fixed-income investor roadshow.

Uruguay is in advanced discussions with clearing houses to make it easier for international investors to participate in its local curve, as the sovereign looks to integrate its domestically issued notes with the nominal global peso curve established this year.

Colombia’s third largest lender Banco Davivienda is planning a peso-denominated issuance of up to $500m-equivalent a week after Bancolombia reignited FIG issuance from the country.

Brazilian steelmaker Gerdau has increased the amount of bonds it will buy back in its latest tender offer after raising $650m of 10 year notes on Thursday.