Central America

Mexican cement company Cemex attracted nearly $4bn of orders on the way to a first dollar deal in three years on Tuesday. Bankers said the company’s active debt management was gaining a strong following.

Just two days after completing the country’s largest ever international bond issue, Costa Rica’s finance ministry said it would seek approval for a further $4.5bn of issuance once the new minister takes office at the end of the month.

Mexican cement company Cemex’s debt management continues to earn it strong pricing as its first dollar deal in three years landed inside even where some bankers on the trade were expecting.

Central American sovereign Costa Rica left some analysts wondering where they would find value in the market after tightening pricing well inside pre-deal expectations.

Mexican retailer Grupo Famsa has pushed out the early-bird deadline on a distressed debt exchange, saying it wants to give bondholders more time to analyse its proposal.

Market participants expect Costa Rica will have little trouble completing a crucial bond issuance next week, with the lack of high yielding sovereign assets in Latin America expected to favour a country that has worked to improve its outlook this year.

Latin American bond market participants away from Costa Rica’s proposed $1.5bn cross-border issue said they thought the deal would find strong demand as the Central American nation announced a roadshow amid friendly market conditions on Tuesday.

Mexican retailer Grupo Famsa is looking to gain some breathing room with an exchange to push out a looming bond maturity. Yet though Standard & Poor’s and Fitch both consider this a “distressed” deal, only Fitch is planning to cut the borrower’s rating to default.

Central American development bank Cabei sold its first green bond in the public markets on Thursday, increasing the size of its five year floating rate note from $300m to $375m after attracting nearly $1bn of orders.

The Central American Bank for Economic Integration (Cabei) has hired two banks as green structuring advisers and bookrunners as it plans its first dollar benchmark bond for seven years and first green bond in dollars.

Central American development bank Cabei will look to issue its first public green bond in around two weeks as it attempts to enter the universe of true SSA borrowers with a first dollar benchmark in seven years.

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