LATAM Business Watch · Tuesday, 10 November 2026 · 5-minute read

Good morning.

Peru raises US$4.5B, Codelco is told to claw back bonuses, Mexicana’s repair shop draws seven bidders, Brazil’s economists nudge their Selic forecast up, and Chile’s public broadcaster discovers it owes more than it has.

Let’s get into it.

Five Things to Know

1. Peru taps global bond market for US$4.5B. On 9 November Peru sold sustainable notes: US$2.5B for 12 years at 6.072% and US$2B for 30 years at 6.486%, its first international sale in over a year, after initial talk near 1.6 points over Treasuries (LatinFinance). A tender on US$3.71B of 2027-2031 bonds runs to 17 November. Why it matters: it sets a fresh price for Peruvian risk that project-finance and corporate issuers will be measured against.
2. Codelco told to claw back bonuses. Chile’s mining minister said bonuses must be repaid after Codelco admitted overstating output by 42,100 tonnes over 2024-25, with a preliminary write-down of US$120-140M and eight executives dismissed (Rio Times, 9 Nov).
3. Seven bidders eye Mexicana’s repair shop. Three foreign and four Mexican suitors are reported interested in Mexicana MRO Services, the maintenance centre at Mexico City’s airport with about 1,250 technicians; bids close 23 November and value is undisclosed (Infobae/EFE, 9 Nov).
4. Brazil’s Selic forecast creeps up. The 9 November Focus survey sees the Selic at 13.75% at end-2026, up from 13.25% four weeks earlier, and 12.50% at end-2027 (Rio Times).
5. Conta Azul buys PlayBPO. The Brazilian software firm’s second acquisition in four months adds a platform for financial-outsourcing firms; price was not disclosed (Santa Catarina Builders, 9 Nov).

Today’s deep dive: Buying in Costa Rica? Get the Water Letter Before the Dry Season

Markets Snapshot

• Currencies, Monday 9 Nov close: USD/BRL 5.5117 (+0.10%), USD/MXN 18.55 (-0.40%, peso firmer; the live board showed 18.52), USD/CLP 967.23 (-0.96%) (Brazil and Mexico Rio Times reports).
• Indexes: Ibovespa 172,236 (+2.22%), still 17.6% below its 9 Oct high; S&P/BMV IPC 72,104.80 (+1.00%), a 12-month closing high; S&P IPSA 10,589.61 (+0.50%) (same reports).
• US 10-year Treasury: 4.89%, up 3 basis points on 9 Nov, close to the 5% level (Rio Times).
• Brent: about US$92 a barrel; Rio Times gives US$91.70 in its Mexico report and US$92.53 in its Colombia report, with conflicting day changes, so we skip the move.

Our snapshot card is skipped today. Colombian peso, COLCAP, Peru, Costa Rica and Argentine closes were left out for lack of a verified close; Argentina was closed for a holiday.

Private Markets Pulse

• DFI money: Santander Chile has asked IDB Invest for an A/B loan to fund affordable-housing mortgages; size was not disclosed (LatinFinance, 9 Nov).
• DFI money: Dominican Republic’s Banreservas joined the IFC’s trade finance programme with an uncommitted guarantee facility of up to US$100M (El Dinero, 9 Nov).
• Industry data: Peru’s corporate bond issuance rose 79% through September, per the Lima Stock Exchange (Gestión, 9 Nov).
• Real assets: Four binding bids were received for the Isidora 3000 building in Santiago’s El Golf district, with an award expected in coming weeks; no price was stated (Diario Financiero, 10 Nov).

Macro Radar

• US · Inflation: October CPI is due today at 8:30 a.m. ET, with consensus near +0.3% month on month; September ran at 3.7% year on year and the Fed range is 3.75-4.00% (Rio Times, 10 Nov). Private-markets angle: a hot print keeps dollar funding costs high and exit windows narrow (our read, not a forecast).
• Dominican Republic · Inflation: October CPI was 0.58% (El Dinero, 9 Nov). Private-markets angle: tame prices support peso-denominated lending.
• Peru · Fiscal rule: The executive sent Congress changes that would delay reaching a 1%-of-GDP deficit until 2031 (Gestión, 9 Nov). Private-markets angle: more sovereign supply can widen spreads for local issuers.
• Argentina · Country risk: The gauge fell 7% and closed below 900 basis points on 9 Nov (Infobae). Private-markets angle: cheaper sovereign risk helps corporate refinancing.

Deal Flow

M&A

• UPC bought UCAL, Peru education, for about US$35M, including a campus valued near US$25M.

IPOs & Debt

• Ecopetrol returned to international bonds after two years, Colombia energy, refinancing acquisition debt; size not visible. The Colombian state oil firm remembers the phone number of the bond market.

Distressed

• Chile’s TVN owes CLP 58.5bn due 21 April 2027 against CLP 14.3bn in liquid funds; its board wants mixed funding, which needs a law change.

Around the Region

• Mexico: PPG Comex will invest over US$100M in a resin plant in the State of Mexico, with 500 jobs (Nearshorer, 9 Nov).
• Colombia: Secuoya Content Group announced US$340M of production investment, reportedly tied to Netflix (La República, 8 Nov).
• Chile: The government announced a bill to cap fuel-price rises at CLP 20 a litre for three months, funded from fiscal savings; effective date not stated (Diario Financiero).
• Peru: Perupetro is negotiating new offshore gas blocks off Lambayeque and Tumbes (Gestión, 9 Nov).
• Central America: Honduras and El Salvador launched a binational business chamber with 25 companies at CABEI (Infobae, 9 Nov).

Costa Rica Corner

• Fuel imports cost US$2,267M in January-September, up 44.77%, and the central bank projects a US$3,086M oil bill for 2026 (Tico Times, 9 Nov).
• The water utility AyA asked the public to save water as El Niño’s dry season begins, saying it is not rationing (Tico Times, 9 Nov).

Number of the Day

79%

That is how much Peru’s corporate bond issuance grew through September, per the Lima Stock Exchange (Gestión, 9 Nov).

On the Calendar

• Today: US October CPI at 8:30 a.m. ET; Brazil’s Copom minutes (Rio Times calendar).
• Wednesday: Mexico industrial production; US bond markets are expected closed for Veterans Day.
• Thursday: Brazil IPCA inflation; Argentina’s INDEC inflation print; Peru’s central bank rate decision (prior 4.25%).
• Friday: US PPI; Mexico’s Buen Fin shopping weekend begins.
• 17 November: Peru’s tender offer on US$3.71B of bonds ends (LatinFinance).

The Water Cooler

Peru found buyers for 30 years of debt in a morning while Codelco is still recounting its tonnes: markets will lend long to anyone whose numbers hold up, and ask hard questions of anyone whose don’t (our read, not a forecast).

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Data as of 10 November 2026. Items reflect public reports on the dates shown; deal terms are as reported by the sources and may change. This is general market commentary, not investment advice.