South America
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Argentine province Neuquén launched an exchange offer for its existing senior secured 2021s on Monday, the same it began a three day roadshow with fixed income investors ahead of a potential new 12 year deal backed by oil and gas royalties. -
Colombian lender Banco de Bogotá is looking to issue up to $1bn of tier two 10 year notes, although Moody’s said that the bonds will do little to address the bank’s low capital ratio.
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Investors said the Argentine province of Neuquén would be feeling lucky that it had postponed a bond issue last September after the issuer this week announced a second roadshow in less than a year.
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Grupo Sura, the owner of the largest pension fund in Latin America and the largest bank in Colombia, raised $550m of 10 year senior unsecured bonds on Tuesday as Latin American high grade corporates finally took advantage of a receptive market.
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Brazilian telecoms firm Oi has entered a “customary non-disclosure” agreement with Moelis & Company, the advisor for a group of its bondholders, as it looks to work on cutting its debt burden.
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Some 49% of troubled Canadian-Colombian oil company Pacific Exploration & Production’s creditors, comprising bank lenders and senior noteholders, took just two days to agree to a restructuring proposal presented on Monday evening.
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Argentina fever has gripped financial markets after the sovereign’s record breaking return to international bond markets this week, with sub-sovereigns likely to be the first to take advantage of the clamour for bonds.
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Argentina’s record-breaking return to international capital markets was priced much tighter than many investors would have liked. But the country's president Mauricio Macri is exactly the kind of leader EM investors have been looking for, so the exceptionally strong performance in the aftermarket is more than understandable.
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Credit markets reacted positively after Brazil’s congress voted in favour of impeaching president Dilma Rousseff on Sunday.
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All four tranches of Argentina’s new bonds outperformed on Wednesday as momentum from the huge order book the borrower build in the primary market spilled into secondary.
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With all the panache of a world-class tango dancer or left-footed football superstar Argentina stole the show in bond markets this week with the largest ever order book and largest ever issue size for an EM credit.
