Colombia

Transportadora de Gas Internacional (TGI), the Colombian gas pipeline operator, held investor calls on Tuesday as it considers a second attempt to issue internationally this year.

Borrowers from Latin America are flocking to meet bond investors despite market conditions softening over the past week.

Turkey is braced for one of the most important political events of what has been a turbulent year; the hearing of US pastor Andrew Brunson. The consequences could shape Turkey’s recovery from its recession. Elsewhere, a Russian mining company's loan showed the country is not quite closed for business, and after weeks of quiet, Latin American markets have bounced into life.

The spread on Colombia’s $2bn new issue hung in close to reoffer levels on Thursday as the speed of the US Treasury sell-off spooked some EM investors, just as it seemed the asset class was returning to form.

Maybe it was the euphoria of seeing three potential Lat Am borrowers hit the screens on one day after three arid months but DCM bankers heaped praise on Colombia’s dual tranche bond deal on Wednesday as it tapped international markets for the first time in over a year.

Alberto Carrasquilla Barrera returned for his second stint as Colombian finance minister on Tuesday. While investors are happy with his return, and are keen to boost their exposure to the country’s bonds, debt issuance is likely to be limited.

Dutch lender ING has hired a director to focus on Latin American and high yield debt capital markets origination as part of its recently launched global capital markets Americas group.

Though market tone has shown a marked improvement over the last week, Lat Am bond buyers say that they are not expecting to see much new supply until September — and nor do they want any.

Colombian utility Empresas Públicas de Medellín (EPM) saw its bond prices slide at the end of last week after the environmental licencing authority issued a resolution appearing to suspend certain activities at the landmark Ituango hydroelectric project.

Frontera Energy, the Lat Am-focused Canadian oil and gas company, saw its new international bond trade up in the secondary market on Thursday as EM buyers found several justifications for why the deal had been priced relatively cheaply.

Colombo-Canadian oil and gas company Frontera Energy has returned to primary markets for the first time since it was called Pacific Rubiales with a five year non-call three trade.

There has been no relief rally in Colombian bonds after right winger Iván Duque eased to victory in Sunday’s presidential elections, as tricky boarder conditions outweigh the positives for the South American country.