South America

Amid light-hearted comments from observers about its patchy debt record, Argentina sent a very serious message to markets on Monday with the first ever 100 year bond issuance from a single-B rated sovereign.

Even after weeks of political crisis, protests across the country, the government’s desperate scrambling for cash and a default on a loan from Russia, Venezuelan bond prices remain principally driven by oil prices.

Bond investors in Latin America are short of ideas as to what could provoke a sell-off that they see as necessary to release steam as borrowers make hay in highly attractive conditions.

Lat Am DCM bankers said that Uruguay had done a fine job of convincing investors to buy into its inflation-busting story after the sovereign issued its first ever nominal global peso-denominated bond.

Latin America’s best rated sovereign Chile will follow up this week’s euro and dollar bond issues with a local market trade targeted at international investors as it looks to build out its peso-denominated curve.

Meatpacker Minerva sold the first Brazilian cross-border bond since renewed corruption allegations against Brazilian president Michel Temer shook the market last month, tapping its 2026s for a further $350m.

Latin America’s best rated sovereign, Chile, has bought back $293m of its existing 2042s after receiving a strong response to the tender offer launched in conjunction with Tuesday’s dual tranche bond offering.

Sebastián Reynal, Deutsche Bank’s chief country officer for Argentina, left the bank earlier this month, GlobalCapital understands.

Latin America bond investors saw another day full of new issues but lacking in juice as the region’s best rated sovereign, Chile, led the way with a euro and dollar deal.

No matter how you choose to invest in Venezuela, you run into questions of morality. There may be no perfect way to buy Venezuelan bonds, but there is certainly a dubious way.

South American sovereign Uruguay followed up its lowest inflation print for 12 years with its first ever nominal global peso-denominated bond on Monday.

Bond investors shrugged off state-owned oil company Petroperu’s low credit quality to pile into its debut deal in remarkable fashion as the issuer sold 15 and 30 year bonds at a tighter spread to the sovereign than its Mexican counterpart Pemex.