Peru

Bond investors revelled in the extra eighth of a point in yield they earned on Friday after the threat of a workers’ strike at one of Votorantim Metais’ smelters led the company to delay pricing its debut bond and hike pricing.

Energy company Orazul Energy Egenor, the Peruvian arm of Orazul Energía, took advantage of a cash-rich Lat Am bond market and scarcity of Peruvian issuance to sell $550m of 10 year bonds on Tuesday.

Latin American renewable energy company Orazul Energía is looking to raise up to $550m of funding for its Peruvian operations in what would be its first international bond sale.

Peruvian mortgage lender Fondo Mivivienda sold Nuevo sol-denominated bonds to international investors on Tuesday in a rare local currency trade from Latin America, as the issuer looks to turn much of its debt to soles in the future.

Peruvian mortgage lender Fondo Mivivienda on Tuesday found a high level of appetite for local currency paper with a $600m-equivalent dual tranche deal of which three quarters was in Nuevo soles.

Peruvian government owned mortgage lender Fondo Mivivienda is planning to issue both dollar and nuevo sol-denominated bonds on Tuesday in its first international bond sale for nearly three years.

Singapore-based credit research provider Lucror Analytics has hired two experienced rating agency officials as it looks to launch a Latin America service in May.

South American development bank Corporación Andina de Fomento (CAF) has elected Luis Carranza Ugarte, the former Peruvian finance minister, as executive president.

Peruvian lender Banco de Crédito del Perú (BCP) brought in pricing on a new three year senior unsecured note by more than 30bp from initial price thoughts on Friday as investors rushed into a rare Peruvian corporate new issue.

Peru took advantages of renewed enthusiasm for its economy and highly favourable market conditions to sell PEN10.252bn ($3.02bn) of 12 year sol-denominated bonds as part of a liability management exercise on Wednesday and Thursday.

Peru continued to chip away at its dollar debt on Wednesday with a nuevo sol-denominated 12 year bond, the new money component of which will be used to finance a cash tender for dollar bonds.

A serene summer came to an end this week as uncertainty over a possible US interest rate hike brought volatility back to EM bond markets just as slew of Lat Am borrowers were ready to issue.