South America

Consorcio Transmantaro, the Peruvian power transmission company, could be the next Latin American corporate to tap dollar markets after mandating for a green bond that Moody’s says is not quite fully green.

No sooner had the dust settled on the first global nuevo sol bond sale from a non-financial corporate in 14 years than a second Peruvian company announced its plans to do the same, leaving DCM bankers curious to discover the depth of the local currency market.

International investors bought around half of Telefónica del Perú’s sol bond on Wednesday, as an attractive spread over the sovereign curve helped the telecoms company attract impressive size in a rare Latin American global local currency deal.

Consorcio Transmantaro, the Peruvian power transmission company, is preparing a $400m green bond, according to rating agencies, though Moody’s says it expects less than 95% of proceeds to be used for qualifying green uses.

A strong aftermarket performance from Millicom’s Paraguayan subsidiary the day after pricing showed that Latin American bond markets were hungry for new supply, despite growing concerns over Brazil.

Telefónica Celular del Paraguay (TeleCel), the Paraguayan subsidiary of pan-EM telecoms group Millicom International Cellular, returned to bond markets for the first time in over six years on Thursday.

A bond market keen for duration welcomed pulp and paper producer Klabin’s dual-tranche offering this week, but a stormy atmosphere for Brazilian names put the new issue concession higher than recent deals as investors began to seriously doubt the country’s economic prospects.

The Peruvian subsidiary of Spanish group Telefónica will begin investor meetings on Thursday as it plans what would be the first ever global nuevo sol deal from a non-financial Peruvian corporate.

Klabin, the Brazilian pulp and paper company, returned to bond markets on Wednesday, taking advantage of a flattening yield curve to issue its first long bond, despite a bad day for Brazilian assets.

Telefónica Celular del Paraguay (TeleCel), the Paraguayan subsidiary of pan-EM telecoms group Millicom International Celluar, held investor calls on Wednesday as it prepared to tap bond markets for the first time in over six years.

Clemente del Valle, the CEO of Colombian development bank Financiera de Desarrollo Nacional (FDN), will leave his post on April 12 after six years at the lender.

The Peruvian subsidiary of Spanish group Telefónica will begin investor meetings on Thursday as it plans what would be the first ever global nuevo sol deal from a non-financial Peruvian corporate.