South America

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.

Latin America’s rip-roaring start to the year took a slide down the credit curve on Tuesday with two high yield deals — to no discernible impact on investor appetite.

Chile will return to international markets with a green bond to fund transport plans after its portfolio of projects received a favourable opinion from third-party providers.

Embotelladora Andina, the third largest Coca-Cola bottler in Latin America and seventh largest in the world, will begin a roadshow on Monday ahead of an expected 10 year bond.

Generation company Termocandelaria Power Limited (TPL) returned to capital markets on Thursday to start Colombian bond issuance for the year. The sovereign is expected to follow suit soon.

Four Chilean issuers raised dollar funding in the first three days of the first full week of 2020, as hefty order books suggested investors shared the government’s confidence in the country’s outlook.