South America

The bond market’s love for Argentina reached new heights on Wednesday as Banco Macro became the first issuer to sell fixed rate peso debt in international markets since the country returned from financial market wilderness 13 months ago.

Brazilian government-owned development bank BNDES sold a long-awaited green bond on Tuesday, achieving tight pricing that bankers put down more to a lack of supply from Brazil’s quasi-sovereign issuers than the green aspect of the deal.

Bond investors revelled in the extra eighth of a point in yield they earned on Friday after the threat of a workers’ strike at one of Votorantim Metais’ smelters led the company to delay pricing its debut bond and hike pricing.

Argentine state oil company YPF is set to provide arguably the biggest test yet of investor demand for Argentine peso-denominated paper.

Brazilian development bank BNDES surprised some bond market bankers by opting not to issue its first ever green bond the day after its roadshow ended. But conditions appear ripe for the deal when it does arrive.

Santander’s Brazilian operations were behind a 14% increase in the group’s attributable profit for the first quarter, with the UK arm also rebounding from a weaker 2016.

Energy company Orazul Energy Egenor, the Peruvian arm of Orazul Energía, took advantage of a cash-rich Lat Am bond market and scarcity of Peruvian issuance to sell $550m of 10 year bonds on Tuesday.

Chilean transmission company Celeo Redes is planning to issue up to $359.2m of senior secured bonds due in 2047, according to rating agencies, after it mandated a trio of banks to lead the deal.

Argentine lender Banco Macro will begin meeting fixed income investors today ahead of a planned fixed rate peso-linked bond.

Argentina’s third largest private sector bank has pencilled in the pricing of a $300m-equivalent peso-linked note for May 2, according to a regulatory filing made on Friday.

The week after the IFC and Amundi announced plans for the largest dedicated green bond fund in emerging markets, Brazilian bank BNDES will meet investors ahead of a potential green debut.

Capex SA, the Argentine electricity company, is planning a $300m bond sale with Standard & Poor's promising an upgrade should the borrower successfully be able refinance its forthcoming maturities.