Argentina

Grupo Bimbo, the world’s largest bread maker, will begin meeting fixed income investors on Thursday as it plans a subordinated perpetual hybrid bond, just after Standard & Poor’s said the company was deleveraging more slowly than expected.

Argentina’s largest province is planning to issue around $496m of peso-denominated notes this week and will look to sell a portion of the bonds to international investors.

Two Latin American companies raised dollar funding this week while two stayed on the sidelines as bankers said broader market conditions affected appetite in the region.

The board of Transportadora de Gas del Norte (TGN), the Argentine gas provider, has approved a bond shelf of up to $600m as the company weighs up a potential debut international bond, it said in a regulatory filing on Tuesday.

Latin American bond bankers are presenting unusual structures to potential buyers, even as markets remain weak and more straightforward, well-known credits are managing only modestly successful deal execution.

AT&T’s Latin American subsidiary began investor meetings on Wednesday ahead of an international bond debut that may include an Argentine peso tranche.

Fitch Ratings said on Tuesday that Vrio Corp, AT&T’s Latin American subsidiary, was planning a $1.5bn international bond issue half denominated in Argentine pesos.

The largest dairy company in Argentina is looking at calling its existing 2021s in July after filing a new debt shelf, according to market sources in Buenos Aires.

The largest dairy company in Argentina is looking at calling its existing 2021s in July after filing a new debt shelf, according to market sources in Buenos Aires.

Banco Supervielle, the Argentine lender, is looking to increase the size of its existing bond shelf from $800m to $2.3bn, according to a regulatory filing.

Aluar, the Argentine aluminium producer, will look into the possibility of issuing local or international debt after the company’s board of directors approved a $300m bond shelf.

Three Argentine companies sold dollar deals this week to bring welcome new supply to EM investor portfolios but it was a familiar story on pricing as even the duo of debut issuers in the market offered slim pickings in terms of concession.