South America

Telecom Argentina said on Tuesday that it would issue nearly $389m of amortising bonds maturing in 2025 as a result of a successful debt exchange and raising $135m in new money.

As Argentina’s largest bondholders confirmed that they would support the government’s amended restructuring offer, the sovereign gave investors until August 24 to participate in the deal, with analysts expecting a high take-up.

Argentina announced an agreement with bondholders on Tuesday to restructure $65bn of debt. The country's dollar bonds had rallied late on Monday as rumours circulated that a deal was close following months of negotiations with either side repeatedly rejecting the other's proposals.

In recent weeks, Argentina’s public relations agency has been cramming the inboxes of financial journalists as the government goes on the attack in an apparent attempt to guilt-trip dissenting creditors into accepting its restructuring offer.

In recent weeks, Argentina’s PR agency has been cramming the inboxes of financial journalists as the government goes on the attack in an apparent attempt to guilt-trip dissenting creditors into accepting its restructuring offer.

The Inter-American Development Bank (IADB) said on Monday that it would elect its next president virtually in September as it rescheduled its annual meetings for the second time.

After Argentina said on Saturday that it was looking at improving the legal — but not financial — terms of its latest exchange offer. Dissenting bondholders have united further and now say they hold more than half the sovereign’s outstanding notes.

Brazilian food group BRF wrapped up a now rare cash tender for existing bonds on Friday, buying back just under $300m of debt.

Latin American bond bankers say they expect new issuance to come at a calmer pace for the next few weeks, with just two Brazilian companies the only borrowers from the region to venture into primary markets this week.

Banco BV, the banking arm of Brazilian conglomerate Votorantim, raised $500m of five year senior unsecured bonds on Wednesday in a deal well supported by retail, local and Brazilian bank buyers as well as the usual EM-dedicated institutional accounts.

Telecom Argentina is adding a sale of new bonds to an exchange offer in what would be the first Argentine new issue in international bond markets in over a year.

Martín Guzmán, Argentina’s finance minister, was not to be budged from his position on the country’s debt restructuring offer on Monday evening even as three groups of creditors signed a cooperation agreement to jointly express their rejection of the government’s latest offer.