Four Latin American countries announced plans on Wednesday to sell new bonds in the cross-border market, looking to raise fresh debt ahead of the inauguration of US President-elect Donald Trump.
As some issuers worry about potential market volatility after Trump takes office, Argentina, Chile, Colombia and the Dominican Republic (DR) pressed ahead with plans to raise cash in the bond market.
Argentina, the DR and Colombia plan to issue new dollar-denominated bonds, while Chile will turn to its local capital markets with a peso-denominated Euroclear bond.
Metro de Santiago, the state-run subway system in the Chilean capital, also planned a dollar bond sale on Wednesday, while the regional development bank CAF looks to tap the euro-denominated bond market.
Argentina is expected to issue as much as $5bn in dollar-denominated bonds. Finance Minister Luis Caputo was in New York on Wednesday to promote the sovereign’s first cross-border bond sale of the year. In comments to reporters in Buenos Aires last week, he said Argentina plans to launch the bond sale on Thursday.
The DR is planning to issue 10-year bonds, while Colombia will sell a 10-year dollar bond and retap a 2045 note.
On Tuesday, Argentine energy company Pampa Energia kicked off activity in the Latin American corporate cross-border bond market, raising $750m with a debut 2027 bond. The company timed the issue ahead of the sovereign’s bond sale.