27th May, 2025

The LatAm new issue market returned from the long weekend without any additions to the pipeline and without any trades. Time is now quickly running out in this month of May, and with the final session of May being this Friday - given the historic paucity of LatAm paper sold on the final session of the week - LatAm credits will have to get busy in the next two days if there is to be a last-minute run.

Markets rallied today on news that trade talks between the United States and the European Union continued, with a 30-day pause on 50% tariffs on EU imports into the U.S., and on economic data showing consumer confidence surpassing forecasts. The Conference Board Consumer Confidence reading for this month was 98.0 vs. 87.1 f/c, with Present Situation coming in at 135.9 and Expectations at 72.8. The DJIA gained substantial ground, closing +740.58 at 42,343.65, while the S&P closed a staggering +117.25 at 5,934.25. The yield on the 10yr U.S. Treasury dropped 8bp to close at 4.43, while the yield on the 30yr U.S. Treasury shaved off 10bp to close at 4.94%. The yield on the 2yr U.S. Treasury fell below 4% to close at 3.92%.

For now, with possibly "drive-by" deals coming in tomorrow or Thursday, the LatAm new issue market's May tally is $5.352bln, while 2025 volume is $65.36bln.

LATAM PIPELINE

ANTOFAGASTA PLC
Antofagasta plc ("Antofagasta"), a leading international copper mining group based in Chile with significant production of gold and molybdenum as by-products, rated BBB (Stable) by S&P and BBB+ (Stable) by Fitch, has mandated BofA Securities, Credit Agricole CIB, and J.P. Morgan as Global Coordinators and Joint Bookrunners and BBVA, Goldman Sachs & Co. LLC, MUFG, Natixis, Scotiabank, and UBS Investment Bank as Joint Bookrunners to arrange a series of fixed income investor calls commencing April 24th, 2025. A 10-year senior unsecured Rule 144A/Reg S, USD-denominated benchmark-sized notes offering may follow, subject to market conditions. BofA Securities will be coordinating meeting logistics.

Antofagasta will be represented by:

Team A:
Mauricio Ortiz – CFO
Eduardo Tagle – Senior Corporate Finance Manager
Jose Miguel Labbe – Projects Finance Manager

Team B:
Daniela Ulloa – Financial Planning & Analysis Manager
Robert Simmons – Investor Relations

Deal Roadshow Investor Login Details:
Investor Login Details
URL: https://dealroadshow.com
Entry Code: ANTOFAGASTA2025

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