Central America
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Financial institutions triple issuance in the currency this year, while corporates make greater use of euro and sterling taps -
The sovereign priced inside paper of similar maturity from Brazil and Colombia
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Issuer closes its first overseas trade since Moody's downgrade in May
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The country will use all the money raised for liability management
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Bankers expect another quiet week or two unless sovereigns dip into the market
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Mexico paid a similar new issue premium for its $9bn deal last week
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New issue premiums were slim for the LatAm sovereign duo
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Huge financial support eases Pemex's immediate debt risks, but does not cure operational problems
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The sovereign has issued well over $10bn in just two days to fund liability management for Pemex
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Authorities are trying to re-establish Pemex as a standalone issuer
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Reform will be very painful, but worth it
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Investors have praised the deal, and Pemex's spread to the sovereign has crunched tighter
