South America

Credit Suisse has named Jorge Eduardo Díaz Barros as Chilean country head after hiring the banker from JP Morgan.

Brazilian low-cost airline Gol Linhas Aereas Inteligentes became the latest high yield issuer from Latin America to be downgraded on Monday as recession in the region’s largest economy hit passenger demand.

The brutal sell-off that afflicted Brazilian bonds in July appears to have slowed somewhat amid the low trading volumes of August, though economic bad news and political troubles show no sign of abating.

Though this month has been one the quietest Augusts in the memory of many Latin America bankers, Peru was correct to anticipate US rate rises by issuing its first new dollar benchmark since 2010 on Tuesday, they said.

Project bond supply could be on the way from Colombia after Goldman Sachs committed to provide $1.2bn for the first leg of the financing of the country’s $25bn so-called 4G infrastructure programme.

Banco ABC Brasil, a subsidiary of Arab Banking Corp (Bank ABC), has closed syndication for its $150m two year loan, increasing the deal to $200m.

Colombian oil company Pacific Rubiales’ decision to change its name may be a “milestone” for the company’s CEO but it means nothing to bondholders who appear ever more pessimistic that the issuer’s bonds will survive lower oil prices in tact.

The Republic of Peru took advantage of a deserted primary bond market in Latin America to issue its first new dollar benchmark since 2010 on Tuesday.

South Africa is experiencing a difficult week in credit markets, with credit default swaps that reference its debt hitting their widest point for two years.

Project bond supply could be on the way from Colombia after Goldman Sachs committed to provide $1.2bn in the first leg of financing for the country’s $25bn so-called 4G infrastructure programme.

Brazilian refractories and minerals producer Magnesita Refratarios will buy back over three quarters of its outstanding bonds after a tender expired at the end of last week.

Whether prices in Brazilian bonds really have found a floor or not, several bond investors say they are now finding value in the country’s debt markets after a sustained sell-off was halted by a better-than-expected downgrade from Moody’s this week.