South America

Standard & Poor’s has removed the immediate threat of a sovereign downgrade for Brazil after saying that the political landscape is “somewhat more settled” than it was in May.

Argentine credits tightened throughout the start of the week as bond markets basked in better than expected results for the ruling party at Sunday’s primary elections.

Chilean life insurance company Confuturo this week announced its adoption of Bloomberg’s multi-asset risk system (MARS) collateral management tools, in an effort to manage the demands of new global margin rules.

Peruvian power generator Cerro del Aguila attracted more than $3bn of orders for its inaugural Eurobond on Wednesday.

Peruvian power generator Cerro del Aguila attracted more than $3bn of orders for its inaugural Eurobond on Wednesday.

Investor interest in the second leg of Chilean copper miner Codelco’s tender offer has been strong, with almost $1bn of bonds tendered by the early bird deadline.

Argentine company MSU Energy is considering approaching international bond markets for the first time, credit analysts in Buenos Aires say.

The Republic of Colombia found conditions too good to resist this week, raising $1.4bn of 10 year bonds on Wednesday to complete its international funding for the year and prefund some $900m of next year’s needs.

Exceedingly good conditions enticed Colombia to the bond markets on Wednesday for an earlier than usual second dollar issue of the year that came with a single digit new issue premium.

Cerro del Aguila, the Peruvian power generator, began investor meetings on Wednesday ahead of a planned international bond debut that will conclude with the merger of the borrower and existing bond issuer Kallpa Generación.

Codelco, the Chilean copper miner that raised $2.75bn of debt last week to fund a tender offer of several bonds, will buy back just over half of its 2019s, 2020s and 2021s after wrapping up the so-called “any and all” leg of the tender offer.

Colombia’s second largest lender Banco de Bogotá timed to perfection its return to international bond markets on Thursday, taking advantage of low levels of new issue supply from the jurisdiction so far this year to price a $600m 10 year senior unsecured bond.