Americas

Even heavy indications from US Federal Reserve chair Janet Yellen the central bank will raise interest rates at its next meeting were not enough to derail the strong primary market in emerging market bonds.

European bond investors gave Mexico’s prospects a vote of confidence on Tuesday, placing €17.6bn of orders as state-owned oil giant Pemex raised €4.25bn of debt in the largest ever euro-denominated trade from an emerging markets issuer.

Central American development bank Cabei is looking to add at least A$25m to its existing Australian dollar bonds due 2026, and may consider a new five year this week.

Mexico’s state owned oil company Pemex has turned to the euro bond market just two months after becoming the first Latin American borrower to sell a bond at all after the election of Donald Trump as US President.

The government of Belize has again extended the deadline for a consent solicitation aimed at easing its debt payment burden, but is yet to improve its offer to bondholders.

S&P’s upgrade of Brazilian oil giant Petrobras could attract more investors into the company’s curve, according to Lat Am market participants.

The corporate bond market started the week on the front foot with a triple tranche reverse Yankee from US pharmaceuticals company McKesson that is expected to pave the way for similar issuance.

Brazilian oil giant Petrobras has wrapped up a tender offer that ended up far larger than planned, after bondholders owning $5.57bn of paper agreed to sell their notes.

Privately held power generation company Stoneway Capital Corporation, which includes Siemens among its partners, sold $500m of 10 year bonds at a yield of 10% on Friday.

BC Partners has hired the former president and chief investment officer of Apollo Investment Corp to head its own newly opened credit platform.

Bad weather in New York left trading volumes in Latin American bond markets low on Thursday, and Lat Am primary may also now find activity cooling despite a seemingly relentless wave of Argentine borrowers looking to tap the market.

Argentina’s largest province, Buenos Aires (PBA), saw its bonds trade up the day after it raised $1.5bn of five and 10 year bonds.