27th June 2025

The LatAm new issue market emptied out its pipeline during a session which had the most trades in one day year-to-date: no less than seven issuers (eight tranches) sold new paper, with two trades (Oriental Republic of Uruguay and Yinson Production Offshore Pte. Ltd.) being announced before NY trading hours.

In addition, Banco Davivienda S.A.A., LATAM Airlines Group S.A., Raizen Fuels Finance S.A., the Province of Cordoba, and Scotiabank Peru S.A.A. all came to market today. The combined tally for the session of $4.743bln was by no means the year’s busiest day in terms of volume, but it was enough to push weekly totals to $18.951bln – a tally greater than March, April, and May combined ($16.006bln) and greater than the monthly totals of many previous months.

As well, non-USD trades done this month and last (June 17 Banco de Chile CHF 100m, May 20 Scotiabank Chile CHF 105m, and May 13 Corporacion Andina de Fomento GBP 250m) have been incorporated into monthly and annual tallies, thus bringing May totals to $5.979bln – and June’s total to a staggering $30.652bln. This month is only the fourth in LatAm issuance history with deal flow surpassing $30bln ($37.006bln in January 2020, $31.184bln in January 2024, and $31.156bln this past January).

Volume for the year is on the cusp of the $100bln threshold at $96.64bln; 2025 issuance is currently more than 42% ahead of where it was on June 26, 2024 ($68.022bln).

And with the year all but only half over, 2025 looks all but dead-set to surpass the $115.062bln which came to market in 2024; recall, last year’s tally was viewed as that of a “year of recovery,” following two lean issuance years at the end of the pandemic: $49.5bln in 2022 and $74.957bln in 2023.

Here’s today’s pricing rundown.

ORIENTAL REPUBLIC OF URUGUAY
A CHF320m dual-tranche Senior, Unsecured Fixed Rate Notes issue, expected ratings Baa1/BBB+ (Moody's/S&P), is now priced for The Oriental Republic of Uruguay, rated Baa1/BBB+/BBB (all stable) by Moody’s/S&P/Fitch. Joint Bookrunners are BNP Paribas and UBS Investment Bank.

+1: CHF160m due 23 July 2030, cpn 1.0400%, px 100, spread of m/s+93bp equivalent to Swiss Govt Bond+94bp, yield 1.0400%, ISIN/Valor: CH1454185948 / 145'418'594

+2: CHF160m due 23 July 2035, cpn 1.6175%, px 100, spread of m/s+113bp equivalent to Swiss Govt Bond+124bp, yield 1.6175%, ISIN/Valor: CH1454185955 / 145'418'595

Common terms: Fee standard. Pay date 23 July. Listing SIX Swiss Exchange as of 21 July 2025. Denoms 5k. New York law. Docs: Indenture and Registration Statement deposited with the SIX Prospectus Office. Prospectus supplement to be deposited with the SIX Prospectus Office. Covenants: PP, NP, XD (each in accordance with the Terms of the Bonds). UoP: Uruguay intends to use the net proceeds of the sale of the Bonds for the refinancing, repurchase or retiring of domestic and external indebtedness, and the remainder for general purposes of the government, including financial investments. Sales Restrictions: In particular U.S.A., Japan, Canada, Brazil, Singapore, Argentina, Hong Kong, Chile, Peru, Taiwan, UAE, EEA, UK and the Republic of Uruguay as set out in the Registration Statement and Prospectus Supplement.

Target Market: Target market as defined by the manufacturer domiciled in the EEA (MiFID II product governance): Eligible counterparties, professional clients and retail clients in Switzerland only (all channels for distribution), subject to applicable selling restrictions set out in the Prospectus.

RAIZEN FUELS FINANCE S.A.
$750m Raizen Fuels Finance S.A. (RAIZBZ) 144A / Reg S 7yr (7/8/32) senior unsecured notes. NR/BBB/BBB. BNP/CITI/ITAU/MS(B&D)/SANT/SMBC glocos, BBVA/BofA/BRADESCO/CA/JPM/RABO joint bookrunners. Guarantors: Raizen S.A. and Raízen Energia S.A. UOP: To repay certain of our outstanding forfait transactions, and general corporate purposes. MWC. Par call 2 mos prior to mat. Denoms 200k x 1k. Listing: Luxembourg Stock Exchange. NY law. Marketing: http://www.netroadshow.com/nrs/home/#!/?show=f61c9dc1; passcode: Raizen2025. S/D: 7/8.

YINSON PRODUCTION OFFSHORE
$1.168bln Yinson Production Offshore 144A / Reg S 19.6yr (1/31/45) sr sec notes. NR/NR/BB+. CITI/JPM global coordinators, Issuer: y Yinson Bergenia Production B.V. (the “Issuer”). HSBC/ING/SANT/SCB joint bookrunners. WAL: 12.2yr. S/D: 7/7.

THE PROVINCE OF CORDOBA
$725m The Province of Cordoba (PDCAR) 144A / Reg S 7yr (7/2/32) sr unsec notes. Caa2/NR/CCC+. JPM/SANT global coordinators, Balanz joint bookrunner. Denoms 10k x 1k. S/D: 7/2.

SCOTIABANK PERU S.A.A.
$400m Scotiabank Peru S.A.A. (BNSCN) 144A / Reg S 10.25NC5 (10/1/35; reset date: 10/1/30) Subordinated Tier 2 notes. Issuer ratings: Baa1/NR/A-; issue ratings: Baa2/NR/BBB. SCOT(B&D) global coordinator, GS. UOP: GCP. Next Interest Payment Date: 10/1/25. Interest Payment Dates: semi-annually in arrears on April 1 and October 1 of each year, commencing on 10/1/25. Early Redemption: At the option of the Bank, with the prior approval of the Superintendencia de Banca y Seguros (“SBS”), on any date between year 5 (the “First Call Date”) and year 5.25 (the “Reset Date”), in whole or in part, at par plus accrued and unpaid interest. Thereafter, at the option of the Issuer, with the prior approval of the SBS, in whole or in part, subject to make-whole premium. Upon the occurrence of a Tax Event or a Regulatory Event, at any time with the prior approval of the SBS, in whole but not in part, at par plus accrued and unpaid interest. Coupon Reset: From the issuance date through the Reset Date, the Notes will bear interest at a fixed-rate coupon. On the Reset Date, the coupon of the Notes will reset to a fixed-rate per annum equal to the sum of (i) the then prevailing U.S. Treasury yield, plus (ii) the spread equal to the original credit spread of the Notes. Loss Absorption: In the case of an Intervention by the SBS or the Liquidation of the Bank, the SBS will, when applicable, use: (i) accrued and unpaid interest payable under the Notes and (ii) the unpaid principal amount of the Notes, in that order and on a prorated basis and pari passu among them, to absorb losses of the Bank. Any losses of the Bank would be absorbed (i) first, by all elements of Tier 1 Capital, (ii) second, by equity instruments that qualify as Tier 2 Capital and (iii) third, by subordinated debt qualifying as Tier 2 Capital (such as the notes), in that order. Expected Listing: Singapore Stock Exchange. Governing Law: New York Law (for indenture and Notes) and Peruvian Banking Law and the regulations promulgated thereunder (for any intervention by SBS or dissolution and liquidation of the Bank). Denoms $200k x $1k. CUSIP: 144A 80928HAB9 | Reg S P8T35JAP7. ISIN: 144A US80928HAB96 | Reg S: USP8T35JAP76. S/D: 7/1.

LATAM AIRLINES GROUP S.A.
$800m LATAM Airlines Group S.A. (LTMCI) 144A/RegS long 5nc2 (1/7/31) senior secured notes. Guarantors: same as in the existing Senior Secured Notes due 2030, representing 99%+ revenue, Adj. EBITDAR; 95%+ assets. Corporate ratings: Ba2/BB/BB (s/s/p); expected issue ratings: Ba2/BBB-/BB+. DB/GS (B&D)/SANT global coordinators; BARC/BNP/CITI/JPM/MUFG/NATIXIS joint book-running managers. Affirmative & negative covenants: Substantially similar to the existing 2030 Notes with additional restricted payment flexibility. UOP: Repayment of certain indebtedness, including the redemption in full, together with cash on hand, of the 2029 Notes, and any remainder for general corporate purposes. Denoms 2k x 1k. Optional Redemption: MWC then standard HY call structure, CoC at 101%. Governing Law: State of New York. Marketing: www.dealroadshow.com; Code: LATAM2025. S/D: 7/7.

BANCO DAVIVIENDA S.A.
$500m Banco Davivienda S.A. (DAVIVI) 144A / Reg S 10NC5 (7/2/35; reset date 10/2/30) Tier 2 Subordinated notes. Issuer ratings: Baa3/BB+/BB+ (n/n/n); expected issue ratings: B1/NR/BB-. BofA/JPM(B&D)/SCOT glocos/joint bookrunners. UOP: GCP. Ranking: Pari passu with all other unsecured Tier Two Capital subordinated Indebtedness of the Bank, if any, other than subordinated Indebtedness that is designated as junior to the Notes. Interest Rates: [•]% fixed rate per annum until the Reset Date, then from the Reset Date to the Maturity Date at a fixed rate per annum equal to the Benchmark Reset Rate + [•] bps. Optional Redemption: At any time on or after July 2, 2030 (3 months prior to the Reset Date), and/or upon the occurrence of a (i) Regulatory Event or (ii) Tax Event, in whole, at par plus accrued and unpaid interest and Additional Amounts, subject to prior regulatory approval. Optional Clean-Up Redemption: In whole at a redemption price equal to the price paid to holders in a tender offer (or other offer to purchase) (which may be less than par) plus accrued and unpaid interest and Additional Amounts, if at least 90% of the initial aggregate principal amount of the Notes has been purchased in a tender offer (or other offer to purchase) and cancelled, subject to prior regulatory approval. Substitution or Variation: Upon a Regulatory or Tax Event, subject to certain conditions including terms not materially less favorable to holders, subject to prior regulatory approval. Loss Absorption: The Notes provide that, if: I. Davivienda's Individual Common Equity Tier One Ratio or Consolidated Common Equity Tier One Ratio is below 4.5%; or II. if the Colombian Superintendency of Finance ("SFC") otherwise so determines the outstanding principal, accrued and unpaid interest, and any other amounts will be permanently reduced, pro rata with other Tier 2 Capital subordinated Indebtedness, (other than subordinated indebtedness that is designated as junior to the Notes), to the extent permitted by the SFC at the time, by an amount needed to: I. restore the Individual Common Equity Tier One Ratio to 6%; II. restore the Consolidated Common Equity Tier One Ratio to 6%; or III. comply with the order of the SFC to restore the Individual Common Equity Tier One Ratio or Consolidated Common Equity Tier One Ratio to 6%; provided, that the principal amount of the Notes may not be written down below zero. Furthermore, any such reduction will not constitute an Event of Default under the Notes. Minimum Denominations: US$200k x US$1k. Expected Listing: Singapore Exchange Securities Trading Limited ("SGX"). Governing Law: New York Law; except for the subordination provisions of the Notes, which will be governed by the laws of Colombia. Marketing: URL: https://dealroadshow.com; Entry Code: DAVIVIENDA2025; Direct Link: https://dealroadshow.com/e/DAVIVIENDA2025. Sales to Canada: yes, via exemption. CUSIPs / ISINs: 144A: 059501AG1 / US059501AG10 / REG S: P0R137PD9 / USP0R137PD99. S/D: 7/2.

LATAM PIPELINE

There are no mandates at this time.

---- Subscribe to read more ----

To receive this analysis plus much more, subscribe to IGM. Request your free trial of the service today.