South America

Adrian Neuhauser, the new chief financial officer of Avianca, said on Thursday that he thought a “very high percentage” of bondholders would participate in a bond exchange that could unlock up to $250m of financing from United Airlines and shareholder Kingsland Holdings.

After three further days of turmoil for Argentine bonds this week, finance minister Hernán Lacunza said after Wednesday’s market close that the government would ask bondholders to voluntarily extend debt maturities in an effort to dissipate concerns over a possible default.

Banco de Crédito del Perú (BCP) could raise over $1bn-equivalent of dollar and nuevo sol denominated bonds in international markets as it looks to fund a buy-back of senior debt.

Colombian airline Avianca has extended the early-bird period of a vital exchange offer after United Airlines and Kingsland Holdings said they needed a bigger take-up from bondholders in order to provide at least $250m of shareholder funding.

To make a real difference, green finance needs to prove it is tough on dirty companies. How can the sector look at the fires ravaging the Amazon region and still take comfort in having embraced a bond issued to finance cattle purchases there?

Brazilian state-owned lender Banco do Brasil is offering bondholders a fee to bring the change-of-control clause in two of its old notes in line with the documentation in its newer bond issues.

Argentine sovereign bonds closed broadly flat on Tuesday as the central bank governor and new finance minister appeared to say the right things to appease markets and the IMF confirmed it would visit the country soon.

Downgrades from two rating agencies crowned a disastrous week for Argentine assets, and there was no relief over the weekend as the finance minister resigned and the country’s likely next president appeared to hint at the possibility of debt restructuring.

A surprise result in last Sunday's primary elections in Argentina triggered hefty losses for emerging market investors this week. Many feared another sovereign default as Argentina assets, and its currency, took an absolute kicking. But by Thursday, writes Oliver West, some felt that bruised and battered investors could be missing out on a chance to snap up cheap assets.

Colombian airline Avianca is offering bondholders the chance to swap unsecured bonds at par for new secured debt as it looks to stave off a looming maturity and clinch $250m of shareholder funding. The airline’s CFO said on Thursday that he felt positive the exchange would go ahead in its existing form.

Colombian airline Avianca is offering bondholders the chance to swap unsecured bonds at par for new secured debt as it looks to stave off a looming maturity and clinch $250m of shareholder funding.

Bonds issued by Colombian financial holding company Gilex and its subsidiaries widened on Tuesday as the lender’s proposed acquisition of BBVA’s Paraguayan bank triggered a downgrade review from Moody’s.