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Central America

  • Central American multilateral raises Sfr200m of 10 year paper
  • Central American multilateral is planning a return to the Swiss market after selling social bonds in US and Mexican markets
  • Deutsche Bank has hired from ING to replace a recent departure in its Latin American debt capital markets team, and the German bank’s head of LatAm DCM told GlobalCapital that he hoped to build around the new hire.
  • Mexican state-owned utility Comisión Federal de Electricidad (CFE) sold $850m of 12 year bonds on Tuesday on its second visit to international markets this year.
  • Mexican real estate investment trust (Reit) Fibra Soma debuted in international bond markets on Thursday with a $600m deal. Investors said it offered an attractive spread over its larger, more established competitor Fibra Uno.
  • Fibra Soma, a recently created Mexican real estate investment trust (Reit), began meeting fixed income investors on Monday ahead of what would be an inaugural international bond deal.
  • Armando Tamez, CEO of Mexican car parts maker Nemak, told GlobalCapital that the company sees “great potential” in sustainability-linked bonds, adding that it would be “natural” for Nemak to continue to consider issuing SLBs in the future.
  • Mexican car parts maker Nemak sold its second sustainability-linked bond in a month on Wednesday, raising €500m in a deal that bankers said marked the company’s migration from high yield to investment grade covenants — though it has just one IG rating.
  • On Tuesday, Mexico sold its second international bond explicitly aligned to the United Nations’ Sustainable Development Goals, printing the 15 year note at the same spread over mid-swaps at which it had sold a seven year SDG bond in September.
  • Mexican car parts maker Nemak began meetings with European investors on Monday as it looks to become the first Latin America borrower to sell sustainability-linked bonds in more than one currency.
  • Mexican car parts maker Nemak sold $500m of sustainability-linked bonds on Wednesday in its first issue since it was spun off from conglomerate Grupo Alfa. Nemak’s deal was priced 25bp inside a recent SLB from its similarly rated peer Metalsa.
  • Bondholders of Mexican payroll lender AlphaCredit are facing very low recoveries, say credit analysts, after the company failed to pay a $15m coupon payment due on June 19 on its senior secured 2022s.
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