South America

Latin American bond buyers finally had some proper supply to soak up demand after two weeks without the kind of paper that tends to attract EM investors.

The US business of Brazilian meatpacker JBS gained further traction in bond markets this week as it looked to improved its liquidity position with its second bond issue of the month on Tuesday, part of a liability management exercise.

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Argentina and Turkey are firmly established as volatile names in emerging market credit. Both sovereigns have political and economic issues that place them in the highly vulnerable bracket.

Two companies could bring some life to Latin American bond markets on Thursday amid a quiet period for new issues despite apparently supportive conditions.

Chilean firm Moneda Asset Management, one of the most important investment houses in Latin America, has appointed its head of institutional clients as CEO after Antonio Gil Neivas resigned to join Stanford University’s executive programme.

The US business of Brazilian meatpacker JBS continued to improve its liquidity position with its second bond issue in April on Tuesday. It reopened three existing bonds as part of a liability management exercise.

Chilean pulp and paper company Celulosa Arauco y Constitución is likely to perk up the Latin American bond markets this week as it weighs up the sale of new bonds to finance a tender offer.

Peruvian power transmission company Transmantaro beat pricing expectations on Thursday, as it clinched a $400m green bond that hit the sweet spot for duration, provenance and credit quality.

Investors in steel producer Companhia Siderúrgica Nacional appear to care far more about the company’s ability to push out $1bn of imminent debt maturities than pricing intricacies. The Brazilian issuer had a far better time in primary markets on Wednesday than on its last outing.

International bond investors have admitted to being impressed at the market’s capacity to absorb local currency paper after Peruvian conglomerate Alicorp sold the second global sol bond in the space of a week.

Bond investors appeared relieved after Brazilian steel producer Companhia Siderúrgica Nacional (CSN) raised $1bn of new bonds to refinance debt maturing in the next year.