South America

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.

Following the publication of primary covered bond legislation two years ago, Brazil’s central bank this week launched a public consultation on draft secondary covered bond legislation.

Argentine airport operator Aeropuertos Argentina 2000 saw its new 10 year bond trade up around a point on Tuesday as Latin American corporates extended their stay in a friendly primary market.

Argentine airport operator Aeropuertos Argentina 2000 fetched a new 10 year bond some 30bp inside initial price thoughts on Monday to become the fifth issuer, and fourth corporate, from the country to issue this year.