South America
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Power generation company Genneia looks set to become the first Argentine company to debut in bond markets this year as DCM bankers predict a slew of new corporate issuers from the country in 2017. -
Brazilian corporates Fibria Celulose and Raizen are looking to sell dollar bonds this month as bankers say issuances volumes from Latin America’s largest economy will continue to recover in 2017.
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Cash strapped Venezuela has issued $5bn of 20 year bonds in a private placement sold to state-owned Banco de Venezuela and the central bank.
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Argentina’s resurgence in international bond markets helped JP Morgan end 2016 as the top firm in primary in Latin America bond markets, up from sixth place in 2015, according to Dealogic.
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Brazilian steel company Usiminas has given its dollar bondholders until January 12 to approve its restructuring of domestic debt, the second time it has pushed out the deadline.
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Brazilian company Suzano Papel e Celulose, which sold green bonds both internationally and domestically this year, is keen to issue more green bonds when it has eligible projects to fund, according to the company’s CFO.
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Brazilian steel company Usiminas has extended the deadline for bondholders to waive the negative pledge covenant in its 7.25% dollar-denominated bonds due 2018.
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Brazilian telecoms giant Oi said on Monday morning that it would “carefully analyse” a restructuring proposal by bondholders after meeting Moelis, which is representing creditors, and a potential new investor on Friday.
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YPF, the Argentine state-owned oil and gas company, could return to bond markets next year after a busy 2016.
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Years of sub-par growth may finally hurt the ratings of Latin America’s two strongest economies, after Fitch placed Mexico and Chile’s ratings on negative outlook.
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EM bond investors appeared unalarmed by the doom and gloom that rating agencies cast upon Latin American corporates this week.
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Bonds markets in Latin America were firmly in holiday mode this week but syndicate bankers appeared bullish about issuance prospects for 2017 after the region brushed off the US rates hike.
