Americas

Peru will meet fixed income investors in the US on Tuesday and Wednesday as the new second best rated sovereign in Latin America prepares a dual currency bond offering that would include its first visit to dollar markets since 2015.

The Inter-American Development Bank hit screens on Monday afternoon for a new June 2029 dollar benchmark. The note is the IADB's first 10 year benchmark of the year and other SSA issuers are circling, ready to enter the market if this deal goes well.

Wanda Sports Group Company is seeking US Securities and Exchange Commission approval for a float of American Depository Shares (ADS).

In this round-up, US treasury secretary Steven Mnuchin called the talk with Chinese central bank governor Yi Gang ‘candid’ on Twitter, the Mainland warned domestic tourists and students against planning trips to the US, and both the World Bank and International Monetary Fund (IMF) lowered predictions for Chinese GDP growth thanks to trade tensions.

US president Donald Trump’s latest Twitter update about US trade policy brought Latin America's bond bankers hope that Mexico debt might enjoy a better week as he abandoned — for now at least — plans to impose tariffs on Mexican goods.

Spreads on dollar bonds issued by Mexican state-owned oil company Pemex ballooned by up to 50bp on Thursday as a sovereign downgrade led the company to lose one of its investment grade ratings and threatened a second.

Uruguay-based shipping and logistics firm Navios South American Logistics was the only Latin American borrower on a roadshow this week but debt capital markets bankers hope that a benevolent rates environment may cajole nervous issuers into primary markets.

Cabei (Central American Bank for Economic Integration) has issued a request for proposal (RFP) for a potential first dollar benchmark since 2012, Latin American bond market participants told GlobalCapital.

The list of companies that have declared their support for the Task Force on Climate-Related Financial Disclosures has grown to 671, with a combined market capitalisation of $9.3tr. This is up from 457 worth $7.9tr in September. The TCFD Secretariat issued its second status report on adoption of the recommendations this week.

The chief financial officer of Avianca Holdings told GlobalCapital that he is in near daily discussions with export credit agencies (ECAs) to resolve two separate issues and thus allow the Colombian airline to return to bond markets to refinance a $550m bond maturing in May 2020.

Dollar corporate bond issuers enjoyed bulging order books and tight spreads this week, as the high grade market shrugged off fears over the economy following soothing words from the chairman of the US Federal Reserve.

The US holding company of Spain’s Santander made its first trip to the dollar bond market in almost six months, as issuers made the most of improving conditions.