South America

Investors said that Chile’s focus on green bonds should allow it to diversify its funding base as the sovereign shrugged off political uncertainty to clinch tight pricing on its return to euro markets on Tuesday.

Colombia made its usual January bond market outing on Tuesday, unperturbed by protests across the country and capturing strong demand despite some indications of worry about the long-term fiscal picture.

The Republic of Chile has mandated banks to arrange its second euro green bond offering, as well as launching a tender offer of outstanding euro debt.

Colombian holding company Grupo Aval could return to bond markets for the first time in eight years after mandating banks to manage investor meetings.

Brazilian steel producer Companhia Siderúrgica Nacional (CSN) will continue its focus on addressing short-term debt maturities with a proposed benchmark that it wants to use to fund a tender for bonds maturing in July.

Peruvian food producer Camposol is lining up a new bond with credit ratings improved after a corporate reorganisation. Camposol is hoping to have better luck with market conditions after suffering cruel timing on two previous attempts to print bonds back in 2018.

Issuers from Latin America’s largest economy finally began feeding a yield-hungry buy-side this week, as bankers say there is little sign of investors turning their noses up at apparently rich valuations.

Chemicals company SQM became the latest Chilean firm to issue internationally on Thursday, as the country’s corporates continue to take advantage of high levels of liquidity to pre-fund ahead of a potentially volatile year.

Latin American DCM bankers urged the region’s sovereigns to accelerate their funding plans after Paraguay notched a negative new issue premium in the sole sovereign trade of the week.

One pricing and one roadshow announcement on Wednesday ensured that Chile continues to lead the way this year in terms of Latin American bond issuance.

Latin America’s rising star Paraguay took advantage of low sovereign issuance from the region so far this year to tap existing 30 year bonds with a negative new issue concession, according to debt capital markets bankers.

Brazilian media group and broadcast TV company Globo Comunicação e Participações will likely price a new 10 year bond on Thursday after setting initial price thoughts on Wednesday.