Americas

América Móvil, the Mexican telecommunications company controlled by Carlos Slim, had to cheapen the terms of its €2.2bn bond exchangeable into shares in Dutch telco KPN, but still achieved a remarkably cheap refinancing of a non-core stake.

Peru is set to test Latin America bond market resilience to both US rates volatility and domestic election uncertainty soon as it meets fixed income investors virtually this week ahead of a proposed euro and dollar new issue.

Petrochemicals producer Alpek, which is owned by major Mexican conglomerate Grupo Alfa, will buy back almost half of its $650m of 4.5% 2022s after wrapping a tender offer on Tuesday.

L Catterton Asia Acquisition Corp, a special purpose acquisition company (Spac), is planning a $250m IPO, according to a filing with the US regulator.

Petrobras bonds slumped on Monday after Brazil's president Jair Bolsonaro nominated retired general and former defence minister Joaquim Silva de Luna to be the state-owned oil and gas giant’s new CEO. One analyst decried “corporate statism” as others saw the decision as a warning about the direction of Brazil’s fiscal policy.

Salta became the latest Argentine province to wrap up a debt restructuring on Monday after almost all its bondholders agreed to participate in a consent solicitation that will see the maturity on its July 2024s pushed out to December 2027.

HSBC has shifted responsibility for its regional businesses and given chief financial officer Ewen Stevenson a broader remit, ahead of updating investors with results on Tuesday and amid its overhaul of operations.

Better than expected fiscal data from Mexico has led Bank of America analysts to conclude that the country’s fiscal metrics “could compare favourably to peers for longer” and upgrade their recommendation on the sovereign’s external debt from underweight to market weight.

This week in Keeping Tabs: how to transition the US economy off fossil fuels.

A pair of sovereigns privately placed century bonds this week, with one of the borrowers — Ireland — dipping below the 1% point for the first time at this sort of tenor.

As Uruguay looks to follow a recent surge of sustainability-themed bond issuance from Latin American borrowers with an ESG bond of its own, one of the options it is weighing up is a sustainability-linked bond — a format that has so far only been used by corporate borrowers.

Amid increasing concern that Argentina might delay a new IMF agreement until after mid-term elections in October, one of the creditor groups that negotiated last year’s sovereign debt restructuring issued a plea to the government to turn its economic policy around.