South America

Lat Am bond bankers said Brazilian mining giant Vale had timed its second bond issue of the year to perfection, but the bond left investors happy too as it popped in the grey market on Wednesday.

CEEMEA is focused on one issuer this week, Ghana, as Latin America borrowers ignore the summer break.

Chile’s national oil company Enap raised $700m of senior unsecured bonds on Tuesday as an attractive new issue concession tempted investors despite the company’s high leverage.

Potential bond issuers from Argentina continue to work on new deals despite fears from bankers and investors that the buy-side is beginning to tire of issuance from the country.

Chilean state-owned oil company Empresa Nacional de Petróleo (Enap) will look to tap the bond markets next week to fund a buyback of existing debt as Latin American companies continue to turn to tender offers just as often as the new issue market.

Brazilian firm Banco Itaú’s head of Latin American debt capital markets has left the bank, according to two sources.

Empresa Nacional de Petróleo (Enap), the Chilean state-owned oil company, will begin meeting investors on Monday ahead of a planned first dollar bond in nearly two years.

Brazil underlined its re-entry to EM investors’ good books on Thursday with a $1.5bn long 30 year issue that bankers saw as taking advantage of the sovereign’s particularly flat curve.

The province of Chubut’s debut dollar bond, sold on Tuesday, traded well on the break as bankers said demand for Argentina risk was unsated with at least two more provinces lining up issues.

Argentine electricity generation company Albanesi raised prospects of market access for small corporates from the country with a $250m seven year non-call four bond on Wednesday.

Argentine electricity generation company Albanesi raised $250m of seven year non-call four bond paper on Wednesday in the highest-yielding issue to have emerged from the country this year.

Predictions that the Argentine province of Chubut’s debut public dollar bond would trade well were proven correct on Wednesday as bankers said demand for Argentina risk was unsated despite large new issue premiums.