Colombia

Colombia’s second largest lender Banco de Bogotá timed to perfection its return to international bond markets on Thursday, taking advantage of low levels of new issue supply from the jurisdiction so far this year to price a $600m 10 year senior unsecured bond.

Colombian payroll lender Credivalores had to widen pricing on its new bond on Thursday as bankers said that, despite the strength of the market, investors were not willing to buy anything and everything.

Bankers close to Colombian non-bank lender Credivalores said that the book on its proposed $300m debut international bond was “building very nicely”, with the issuer likely to print on Thursday, Colombian Independence Day.

Colombian non-bank lender Credivalores will wrap up investor meetings on Wednesday ahead of a planned five year bond that could come with a 9% handle, said investors.

Colombia-headquartered lender GNB Sudameris returned to bond markets after a four year absence on Wednesday, tightening pricing on a 10 year non-call five tier two bond.

Banco GNB Sudameris, the bank that took over HSBC’s Colombian, Peruvian and Paraguayan businesses five years ago, is likely to target retail investors for an imminent 10 year non-call four subordainted tier two bond, according to syndicate bankers.

Lat Am syndicate bankers said that a $210m five year debut bond issue from Colombian glass and window maker Tecnoglass this week showed the strength of the region’s credit markets — despite the company not raising the maximum slated amount.

Colombia glass and window maker Tecnoglass sold $210m of five year non-call three bonds on Monday in a deal anchored by US high yield investors.

Donald Trump’s inauguration as US president had no effect on Latin American bond markets, said syndicate bankers, although a sell-off in US Treasuries meant the buoyant market tone had softened by the end of the week.

Colombia returned to dollars after a 15 month absence on Wednesday, becoming the first investment-grade Latin American sovereign to issue in the currency this year and notching up a large, tightly priced deal.

Six Latin American issuers attracted more than $45bn of orders between them this week as the region’s bonds markets looked set to open Donald Trump’s term as US president in flying form.

Two Latin American sovereigns priced dollar deals on Wednesday in what some were interpreting as a rush to beat possible volatility surrounding Donald Trump’s inauguration as US president on Friday. But if markets are worried about what’s round the corner, they’re yet to show it.