South America

Peruvian mortgage lender Fondo Mivivienda sold Nuevo sol-denominated bonds to international investors on Tuesday in a rare local currency trade from Latin America, as the issuer looks to turn much of its debt to soles in the future.

Argentina’s largest province, Buenos Aires (PBA), raised $1.5bn of five and 10 year bonds on Wednesday as investors showered love to the tune of $4.3bn upon the 120bp pick-up to the sovereign it paid.

Peruvian mortgage lender Fondo Mivivienda on Tuesday found a high level of appetite for local currency paper with a $600m-equivalent dual tranche deal of which three quarters was in Nuevo soles.

Peruvian government owned mortgage lender Fondo Mivivienda is planning to issue both dollar and nuevo sol-denominated bonds on Tuesday in its first international bond sale for nearly three years.

Brazilian mining giant Vale took advantage of a huge recovery in iron ore prices since Donald Trump won the US presidential election to tap its 2026s some 105bp inside where it first issued the bonds in August.

The solid performance of last week’s Latin American new issues will give heart to an Argentine corporate borrower looking to bring a new bond on Monday.

Singapore-based credit research provider Lucror Analytics has hired two experienced rating agency officials as it looks to launch a Latin America service in May.

Brazilian railway operator Rumo wrapped up another busy day for Latin American new issues on Thursday with a $750m seven year non-call four deal that came well inside initial price thoughts.

The Province of Buenos Aires (PBA) will meet bond investors on Monday and Tuesday next week ahead of a planned dollar-denominated benchmark as Argentine issuers continue to dominate the Lat Am primary market.

Aeropuertos Argentina 2000’s new 10 year bond traded up more than a point and a half this week, and lender Banco Supervielle sold $300m of peso-linked bonds to underscore continued demand for Argentine credit.

Brazilian railway operator Rumo is likely to issue on Thursday after announcing a new seven year non-call four bond, according to syndicate bankers on the deal.

Entre Ríos raised $350m of bonds with an average life of seven years on Wednesday in a debut bond issue that put it second widest on the spectrum of Argentine provincial issuers.