Argentina prices $9 billion notes; LatAm calendar grows; Venezuela bonds to trade flat

By Rebecca Melvin

New York, Jan. 5 – Argentina priced a combined $9 billion of five-, 10- and 30-year notes at coupons that were lower than those on similar debt priced last year.

The emerging primary market got off to a strong start for 2018 with more than $13 billion of new notes pricing in the first holiday-shortened week of the year and a solid calendar of deals expected to price next week.

Argentina accounted for the bulk of this past week’s issuance. But Mexico was another big issuer with an upsized $3.2 billion of notes including $2.56 billion of new 10-year global notes and an upsized $645.3 million tap of its 4.6% global notes due 2048.

On Friday, a handful of Latin American corporate issuers joined the calendar including Brazil’s Marfrig Global Foods SA’s dollar-denominated benchmark of notes and Rede D’Or Sao Luiz SA’s planned $500 million of seven- or 10-year senior unsecured bonds (expected rating: //BB+). Brazil’s Rumo SA’s planned $500 million offering of notes due 2025 (expected ratings: /B+/BB-) is also on the calendar.

Venezuela sovereign debt was also in focus on Friday, although activity in the bonds was muted after word that the trading convention will change on Monday to flat, as per a decision of the Emerging Market Traders Association on Friday.

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